Daymond John, founder of apparel line FUBU and investor on ABC’s “Shark Tank,” announced on Tuesday his launch of Black Entrepreneurs Day, a virtual event to support Black-owned businesses, on Oct. 24.
John has invested much of his time helping Black-owned businesses, which have been hit the hardest amid the Covid-19 pandemic. Only 4.3% of America’s business owners are Black, according to a February report from the Brookings Institute.
Black business-owners launch with about “a third less capital than their White peers and have difficulties raising private investments from mainstream investment systems,” reported Brookings. While 7% of white business owners get a loan in their first year of business, only 1% of Black business owners do so.
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