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How Choosing Black-Owned Businesses Amplifies More Than Just the Economy
According to Pew Research, just 3% of U.S. businesses were identified as Black or African-American-owned as of 2020. That’s despite 12.4% of the overall population being Black adults. More than half of those business owners were men.
While any type of entrepreneurship has challenges, building a business remains even more difficult for Black owners nationwide. Because of longstanding, systemic forms of oppression, Black entrepreneurs often begin with lower personal wealth. They also face extreme difficulty obtaining bank loans and other forms of critical capital (even when they have excellent personal credit).
That’s why making a concerted effort to purchase from and support Black-owned businesses has such a profoundly positive impact on local communities. Read how three partners elevated Choose Black-Owned Month last February.
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