Starting a new business or side-hustle always has obstacles (whether they’re from outside forces or your own imposter syndrome). For Black business owners, those obstacles multiply. Whether it’s dealing with daily microaggressions, building a network, or raising capital, it’s an uphill battle for Black-owned businesses thanks to systemic barriers that make it harder to get ahead. In fact, research shows that big banks approve around 60% of loans applied for by white small-business owners and only 29% by Black small business owners.
That’s what systemic racism is — it’s not just your Confederate flag flying neighbor, it’s the fact that Black, Indigenous, and people of color have to jump through way more hoops than their white counterparts to get anywhere close to the same opportunities.
To make matters worse, COVID-19 has disproportionately affected BIPOC-owned businesses—leaving many Black business owners in economic hardship. Fortunately, there are many Black business owners willing to support, share their resources, tips, and experiences to encourage Black business ownership and wealth.
The infographic below is full of helpful tips, from Black business owners and for Black business owners, on how to navigate the current racial and economic climate as you start or grow your Black-owned business. These quotes from thriving Black small business owners can help keep you motivated and on track to reaching your goals this year.
Be sure to read the full article on Black business ownership here.