August is National Black Business Month

Black business month occurs in August, and it’s set aside to celebrate Black businesses in all of its ramifications. Black businesses are resilient and thrive in the face of funding challenges. The different areas of Black entrepreneurship have to do with working hard and creating your own niche.

There are many black business owners nationwide, working in a wide variety of industries. These business owners are working hard every day across our country.

Funding challenges

One of the many challenges that black owned businesses face is access to capital. They may have more challenges finding loans and funding than their white counterparts.

According to Forbes

The Fed’s 2019 Report on Employer Firms Small Business Credit Survey found that fewer than 1-in-4 Black-owned employer firms has a recent borrowing relationship with a bank. 

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