Funding remains a major challenge
WASHINGTON, February 2, 2023 /PRNewswire/ — Black entrepreneurship is on the rise, benefiting both local communities and the U.S. economy, according to SCORE, a resource partner of the U.S. Small Business Administration. This Black History Month, SCORE celebrates the more than two million Black-owned small businesses in America and offers support and resources to Black entrepreneurs looking to start or grow a business.
Black entrepreneurship is growing, benefiting both local communities and the U.S. economy, according to SCORE.
“As new small business applications continue to set records, black business owners are thriving but face unique challenges regardless of the stage of their business. SCORE is here to provide the tools to meet and overcome these challenges on the road to success,” said SCORE’s Executive Director Bridget Weston.
In a recent report with SCORE data, black business owners reported a 23 percent increase in annual revenue growth—twice as fast as the overall U.S. employer business. Black-owned small businesses also added employees at twice the rate of all other American businesses. Despite these gains, black entrepreneurs struggle to find financing, citing difficulties in securing loans or a lack of trusted banking relationships.
SCORE’s free, virtual webinar, “How to Find Funding Opportunities for Black-Owned Businesses,” at February 7 will discuss financial opportunities available to the black community. Click here to register or learn more. “The key is to learn what the different options are, where to find them, and most importantly, how to rank,” explains the presenter Phyllis Johnson of PKJ Consulting.
In addition to offering small business workshops and training, SCORE’s national network of expert business mentors can provide Black business owners with critical guidance and connections, customized to each entrepreneur’s needs. Mentoring can be done in person, virtually or via email and is always free.
“Without my mentor and SCORE, I wouldn’t have been able to get the funding I needed to grow,” says Lenora LambSCORE Memphis client and founder of Baylan Spice. “I started with one store with one product and went to a full line of nine products in more than 30 stores, including Kroger. Working with SCORE has helped me tremendously and I believe it would help any business.”
Visit OUTCOME for black entrepreneurs to learn more.
About SCORE:
Since its launch nearly 60 years ago, SCORE has helped more than 11 million entrepreneurs start or grow businesses. SCORE’s 10,000 volunteers provide free mentoring, workshops and educational services across the country. Visit SCORE at www.score.org. Follow @SCOREMentors Facebook, Twitter and LinkedIn.
Funded [in part] through a Cooperative Agreement with the US Small Business Administration.
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