{"id":11606,"date":"2024-03-28T14:00:06","date_gmt":"2024-03-28T14:00:06","guid":{"rendered":"http:\/\/wordpress.thetruthtoledo.com\/?p=11606"},"modified":"2024-03-28T14:00:06","modified_gmt":"2024-03-28T14:00:06","slug":"black-business-ownership-numbers-around-the-nation-boom","status":"publish","type":"post","link":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/2024\/03\/28\/black-business-ownership-numbers-around-the-nation-boom\/","title":{"rendered":"Black Business Ownership Numbers Around the Nation Boom"},"content":{"rendered":"

By Alvin A. Reid
\n<\/strong>Special to The Truth<\/strong><\/p>\n

Black business\u00a0ownership<\/a>\u00a0is growing at the fastest pace in 30 years, and the share of Black households owning a business has more than doubled, from five percent to 11 percent between 2019 and 2022, according to the U.S. Small Business Administration.<\/p>\n

The number of women-owned businesses has grown dramatically. From 2019 to 2023, the growth rate of women-owned businesses was 94 percent greater than the growth of men-owned businesses.<\/p>\n

Census Bureau data\u00a0projects that a record-breaking 5.5 million\u00a0new business applications were\u00a0filed in 2023, making it the strongest year of new business applications on record. It is also the third consecutive year of historic small business growth.<\/p>\n

Bottom of Form<\/p>\n

SBA loans to minority entrepreneurs are also on the rise.<\/p>\n

Since 2020, the share of the SBA\u2019s loan portfolio going to minority-owned businesses has increased from 23 percent to more than 32 percent.<\/p>\n

The number and dollar value of SBA-backed loans to Black-owned businesses has more than doubled, reaching nearly $1.5 billion.<\/p>\n

The SBA backed $3 billion in loans to Latino-owned businesses in FY23\u00a0\u2014 a record-breaking high.<\/p>\n

Lending to women-owned small businesses is once again on the rise, with loan counts increasing by 70 percent since 2020 and total loan dollars exceeding $5 billion in 2023.<\/p>\n

\u201cAmerica\u2019s great diversity continues to propel entrepreneurship with Black, Latino, and women founders starting up at higher rates than ever,\u201d SBA \u00a0Administrator Isabel Casillas Guzman<\/a>\u00a0said.<\/p>\n

The SBA also reported that\u00a0$9.5 billion<\/a>\u00a0in federal contracts went to Black-owned businesses in 2022 \u2014 a $490 million increase from 2021.<\/p>\n

\u201cThat\u2019s not enough. You know, we celebrate that marker, but we need to do much, much more, and that that is our hope and our mission here,\u201d said Mark Madrid, associate administrator for the SBA Office of Entrepreneurial Development (OED).<\/p>\n

\u201cBlack entrepreneurs are so important to the fabric of this country, not only socially but economically as well,\u201d Madrid said.<\/p>\n

In addition\u00a0to funding programs to help entrepreneurs start or expand their businesses, the SBA also provides counseling, training, and business development programs.<\/p>\n

Guzman praised the Biden-Harris administration for its concentrated effort to increase small-business ownership.<\/p>\n

\u201cMore Americans than ever are pursuing their dreams of business ownership as the rate of new business applications filed and establishments under President Biden continues to surge,\u201d\u00a0he said.<\/p>\n

\u201cIn the last year alone, Americans across the country and in a wide range of industries filed a record five and a half million new business applications, bringing the total number under this administration to a record-breaking 16 million.\u201d<\/p>\n

Since President Biden took office, there have been\u00a016 million\u00a0new business applications \u2014 the highest recorded amount in three years. From 2021-2023, the U.S. has seen more new business applications than the prior four years combined.<\/p>\n

The\u00a0monthly average of 440,000 new business applications\u00a0during the first three years of the Biden-Harris Administration \u2014 is 46 percent higher than the average of the prior four years combined. The surge has featured outsized growth in entrepreneurship among women, Latinos and Black Americans.<\/p>\n

This\u00a0<\/em>post<\/em><\/a>\u00a0was originally published on\u00a0<\/em>St. Louis American<\/em><\/a>.<\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Alvin A. Reid Special to The Truth Black business\u00a0ownership\u00a0is growing at the fastest pace in 30 years, and the share of Black households owning a business has more than doubled, from five percent to 11 percent between 2019 and 2022, according to the U.S. Small Business Administration. The number of women-owned businesses has grown […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,18,17],"tags":[],"wf_post_folders":[222],"class_list":["post-11606","post","type-post","status-publish","format-standard","hentry","category-economy","category-headline","category-local"],"_links":{"self":[{"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/posts\/11606","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/comments?post=11606"}],"version-history":[{"count":1,"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/posts\/11606\/revisions"}],"predecessor-version":[{"id":11607,"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/posts\/11606\/revisions\/11607"}],"wp:attachment":[{"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/media?parent=11606"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/categories?post=11606"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/tags?post=11606"},{"taxonomy":"wf_post_folders","embeddable":true,"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/wf_post_folders?post=11606"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}