Based on the SBA Office of Advocacy, the United States has more than 30.2 million small businesses that comprise of 99.9% of all US businesses. Over the past 10 years, minority businesses have accounted for more than 50 percent of the two million new businesses started, creating 4.7 million jobs and annual sales totaling close to $700 billion.
According to a paper published by the National Bureau of Economic Research (NBER) in 2020, the global corona virus pandemic dealt a major blow to a large number of African American businesses owners, which fell from 1.1 million in February 2020 down to 640,000 in April 2021, creating a 41% decline in Black owned businesses. Include an additional layer by having limited financial resources and being overlooked or blocked to competitively compete in all industry sectors nationally and globally, and you have a formula that embeds the practices of redlining, thus, setting an entire race back by 20 years or greater.
By identifying the four pillars that can make the greatest impact for African Americans, we will work industry leaders, licensed professionals, communities and corporate partners, to help address issues of systemic roadblocks embedded in the industry have played in the, and create a better path for homeownership and business opportunities.
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“”Where there is no vision, there is no hope.”
- George Washington Carver