The effects of the COVID-19 pandemic on small businesses across the country was catastrophic, with minority and Black-owned businesses, in particular, disproportionately affected.
A recent report from Facebook’s parent company, Meta, revealed that 26% of minority-owned businesses were closed in January 2022, compared to 19% of non-minority owned businesses. Additionally, over half of Black-owned businesses reported a year-over-year decline in sales, compared to 36% of other small businesses.
Black entrepreneurs have faced unique challenges in the United States long before the lockdowns, labor shortages, and supply chain issues triggered by the pandemic. These include limited access to financing and higher rates of financial distress. (Here is a look at the worst cities for Black Americans.)
Today, there are only about 134,600 Black-owned businesses nationwide, equal to just 2.3% of all businesses. In some major metropolitan areas, however, Black-owned businesses are far more common than average.
Using data from the U.S. Census Bureau, 24/7 Wall St. identified the cities with the most Black-owned businesses.
The metro areas on the list are heavily concentrated in the South. And in every metro area on the list, over 3% of businesses are owned by Black entrepreneurs. Here is a look at 27 Black inventors who made life easier.
It is important to note that while a larger than average share of businesses in these metro areas are Black owned, these places are also home to larger than average Black populations. In most of the metro areas on this list, at least 20% of the population are Black, compared to 12.6% of the total U.S. population.
Read Full Article Here: Cities With the Most Black-Owned Businesses
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