Funding remains the biggest challenge
Washington, February 2, 2023 /PRNewswire/ — Black entrepreneurship is on the rise, benefiting both local communities and the U.S. economy, according to SCORE, a resource partner of the US Small Business Administration. This Black History Month, her SCORE celebrates her more than 2 million Black-owned small businesses in America and provides support and resources to Black entrepreneurs looking to start or grow their businesses. I’m here.
Black entrepreneurship is on the rise, benefiting both local communities and the U.S. economy, according to SCORE.
“Black business owners are thriving as new small business applications continue at a record pace, but they face unique challenges regardless of the stage of their business. We are here to provide the tools to meet and overcome these challenges on the road,” said SCORE CEO. Bridget Weston.
In a recent SCORE Data report, black business owners reported a 23% increase in annual revenue growth. That’s twice as fast as her overall U.S. employer business. Black-owned small businesses also added employees at twice her rate of all other U.S. companies. Despite these benefits, black entrepreneurs struggle to find funding, citing difficulties in securing loans and a lack of reliable banking relationships.
FREE VIRTUAL SCORE WEBINAR “How to Find Financing Opportunities for Black Owned Businesses” February 7 Discuss the economic opportunities available to the black community. Click here to register or learn more. “The key is learning what the different options are, where to find them, and most importantly, how to qualify,” the presenter explains. Phyllis Johnson of PKJ Consulting.
In addition to providing small business workshops and training, SCORE’s national network of expert business mentors provides black business owners with essential guidance and connections customized to each entrepreneur’s needs. can. Mentoring can be in-person, virtual, or via email and is always free.
“Without my mentor and SCORE, I wouldn’t have had the funding I needed to grow,” he says. Lenora EbreSCORE Memphis Client and Founder Bylan Spice“I started with one store with one product and went to a full range of nine products in over 30 stores, including Kroger.Working with SCORE has helped me a lot. I believe it will be useful for business as well.”
visit Score for Black Entrepreneurs you can know more.
About the score:
Since its launch nearly 60 years ago, SCORE has helped over 11 million entrepreneurs start or grow their businesses. Her 10,000 volunteers at SCORE provide free mentoring, workshops and educational services nationwide. Visit SCORE www.score.orgFollow @SCOREMentors Facebook, twitter and LinkedIn.
funding [in part] Through a cooperative agreement with the US Small Business Administration.
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