Black Entrepreneurship Soars In The Face Of Hardship

Barber cutting hair
Alyssa Guzik
August 8, 2022

When it comes to creativity, it's hard to beat the Black community. That creativity has led many to start businesses. The hashtag #BuyBlack didn't come out of left field. 

Fact: when it comes to entrepreneurship, Black enterprise is on the rise!

The Census Bureau saw a 38% increase in Black-owned businesses from February 2020 through August 2021. It's an incredible jump, even when considering that Black Americans are more likely to start a new business than any other ethnic group.

But getting our entrepreneur on isn't new.

Shortly after the abolition of slavery, Black people opened thriving businesses around the country  and served mostly Black communities. But white supremacy laws made Black-owned businesses targets. 

Even in a "post" Jim Crow era, Black businesses face funding challenges and discrimination.

Black startups only receive about 1% of all venture capitalist funding for all new businesses. Institutional racism has also made it so that only 31% of business loans for Black-owned companies are approved.

But still, we rise!

Black entrepreneurship soared due in part to the social justice movements that spread throughout the country. With marketing like "Buy Black" and corporate burnout a real thing, creating and owning businesses gives our community a sense of growth and hope it hasn't had in a long time.

We have a quick favor to ask:

PushBlack Finance is a nonprofit dedicated to raising up Black voices. We are a small team but we have an outsized impact:

  • We reach tens of millions of people with our BLACK FINANCIAL NEWS & ECONOMIC EMPOWERMENT STORIES every year.
  • We fight for ECONOMIC JUSTICE to protect our community.
  • We run VOTING CAMPAIGNS that reach over 10 million African-Americans across the country.

And as a nonprofit, we rely on small donations from subscribers like you.

With as little as $5 a month, you can help PushBlack raise up Black voices. It only takes a minute, so will you please ?

Share This Article: