In recent years, Black-owned businesses have grown at the fastest pace in over 30 years, marking a pivotal moment in the journey to economic equity. And while the recent surge in Black-owned businesses is a testament to the resilience and innovation of Black entrepreneurs, common-sense policy and empowering resources are needed to help them thrive.
This economic renaissance is deeply rooted in our people’s spirit. In the Black community, there is an inherent excitement about entrepreneurship and creating something of your own. At the beginning of the pandemic, Black-owned businesses were closing twice as fast as other businesses. However, they remarkably bounced back even faster, opening 28% more businesses than pre-pandemic.
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