Black Businesses Explode but the Financing is Still Hard to Find
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Black Owned Businesses are opening at an astronomical rate! There has been a 400% increase from 2017-2018 in small businesses owned by black owners. There has been an especially huge influx of businesses opened by black women! This is a big step to creating a community for us by us. We are just missing one major thing, financing. Even though those numbers are rising it seems like the financing is staying put. Black business owners are struggling to properly staff their places of business because the loan disparity is still high. There are efforts to help bring financing options to the business but more need to be done with financing. Having financing options for black-owned businesses is essential for these communities to continue to build and support each other. This creates more jobs and economics for the black community. These assistance programs from the government are great but just our support as a community can be a world of difference for these businesses.