Almost half of Black business owners believe that gaining financing is essential for their success.

(Image Source: https://www.blackenterprise.com)

It is critical for Black business owners to secure financing given the uneven economy in recent months, as it is the only way for them to grow or expand their businesses and remain competitive in the current market. This is especially true for younger Black entrepreneurs, who are facing more obstacles due to the current economic climate and their limited resources. The 2023 Black Business Owners Insight Report sponsored by Mastercard and the National Association for the Advancement of Colored People released by Hello Alice, a small business platform helping over one million SMBs across the U.S. achieve equitable access to capital, found that 47% of Black small business owners predicted that the success of their business will be conditional on their ability to secure funding, as well as grow their customer base. Additionally, the report showed that Black business owners are much younger than other demographics, with roughly 66% of Black business owners below age 40, indicating that there is a new generation of Black business owners who will be crucial in the growth of businesses in the near future.

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