Black businesses, fueled by pandemic entrepreneurship and calls for racial equity, boomed in the last few years. Eight of 10 Black-owned businesses fail within the first 18 months, according to a Bloomberg report. Yet white business owners were twice as likely to be approved for loans. I only had these two right here.”This is common – only 4.1% of Black businesses have employees, compared to 19% of white-owned businesses, according to 2019 Census data. The majority, 58%, of Black adults said supporting Black businesses, or “buying Black,” is an extremely or very effective strategy for moving Black people toward equality, according to a 2023 Pew Research survey.

Source: Forbes May 14, 2023 12:00 UTC