Black business owners face unique challenges when starting their business. According to a recent study by Guidant Financial, 80% of Black business owners say their number one challenge is access to capital. As The Minority Business Development Agency points out, minority-owned businesses are more likely to be denied loans at triple the rate than non-minority firms.
However, the tides are turning. According to research by the U.S. Small Business Administration (SBA), entrepreneurship within minority groups is increasing. The SBA data indicates that minorities own 29% of U.S. businesses. The Minority Business Development Agency (MDBA) says the number of U.S. minority-owned business enterprises more than doubled between 2002 and 2012.
All of this is exactly what we want to hear. Not only does it mean that there are opportunities for business owners from all different backgrounds, often underrepresented in the small business world, to open up shop—but it also means they are seizing these opportunities.
Starting a business is already a challenge, so when you’re up against additional odds, it’s only tougher. Fortunately, there are many resources offered by agencies and organizations dedicated to serving minority business owners, from getting the advice to start your business to minority business loans to finance and grow your business.
And these resources are only increasing as the population of Black business owners increases. Here are the best small business resources for Black business owners, and other great opportunities to find help, too.