According to Bureau of Labor Statistics data revealed by Fundera, around 20% of small businesses fail within their first year and approximately 50% of small businesses fail in their fifth year. For Black women business owners, these figures may be even more staggering; J.P. Morgan Chase reported that Black women are the fastest growing group of entrepreneurs yet they face some of the biggest barriers including disparities in earned revenue compared to their counterparts and lack of access to capital. J.P. Morgan Chase also noted that when Black women do apply for funding, the rejection rates are significantly higher than white business owners.
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