Black Owned Businesses: The Importance of Seeking Funding & Resources

Get the scoop on how Black businesses are closing the racial wealth gap and the resources they need to get small business loans. Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe

0:20 Why you should support Black-owned businesses
0:46 The impact of Black entrepreneurs on the economy
1:17 Closing the racial wealth gap
1:30 Connecting with a Community Development Financial Institution

Small businesses are the heart of America that keeps our economy alive — and Black-owned businesses are vital to its growth. That’s why Hyacinth Vassell, VP of Innovation Engineering at the Association for Enterprise Opportunity, believes it’s crucial to invest in Black businesses if we want to invest in our nation’s financial wellbeing for the long run. As wealth builders and job creators, Black-owned small businesses are the hope our nation needs to close the generational wealth gap. They do this by hiring within their communities and building thriving businesses for years to come. Despite the challenges and lack of resources that Black business owners have, Hyacinth recommends every small business owner to connect with a Community Development Financial Institution (CDFI) for financial assistance and technical guidance to respond to government loans and small business grants like the PPP. She reminds Black entrepreneurs that seeking help and resources is not a weakness, but an asset to building a healthy future for the small but mighty business economy.

Learn more about “Resources and funding options for women and minority entrepreneurs during COVID-19” on the Open We Stand blog: https://www.openwestand.org/resources-and-funding-options-for-women-and-minority-entrepreneurs-during-covid-19

References:
The Black-white wealth gap is estimated to cost the economy $1 trillion per year by 2028. https://www.mckinsey.com/industries/public-and-social-sector/our-insights/building-supportive-ecosystems-for-black-owned-us-businesses

If Black businesses increased their average revenue to the level of non-Black businesses, it would increase total revenue in Black businesses by approximately $676 billion. https://www.brookings.edu/essay/to-expand-the-economy-invest-in-black-businesses/#:~:text=According%20to%20the%202012%20SBO,%25%20of%20white%2Downed%20businesses.&text=Furthermore%2C%20the%20underrepresentation%20of%20Black,of%20dollars%20in%20unrealized%20revenues

If the average employees per Black business increased to the level of non-Black businesses it would create approximately 1.6 million jobs. https://www.brookings.edu/essay/to-expand-the-economy-invest-in-black-businesses/#:~:text=According%20to%20the%202012%20SBO,%25%20of%20white%2Downed%20businesses.&text=Furthermore%2C%20the%20underrepresentation%20of%20Black,of%20dollars%20in%20unrealized%20revenues

The median net worth for Black business owners is about 12x that of Black non-business owners. https://www.mckinsey.com/about-us/new-at-mckinsey-blog/what-will-it-take-to-build-more-black-owned-businesses

Learn more about Association for Enterprise Opportunity:
https://www.aeoworks.org
https://www.facebook.com/aeo
https://twitter.com/aeoworks

Resources for Small Businesses:
Venture Forward study: https://www.godaddy.com/ventureforward
GoDaddy small business tools and resources: https://www.openwestand.org
Up-to-date info on COVID-19: https://www.cdc.gov
COVID-19 resources and grant information: https://www.covid19businesscenter.com

The information contained in this video is provided for informational purposes only and should not be construed as an endorsement or advice from GoDaddy on any subject matter.

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