A new report from BE NYC and New York City’s Department of Small Business Services mirrors the disparity and challenges faced by Black entrepreneurs across the country. Although New York City’s Black population stands at 22% (1.9 million), only 2% of the city’s businesses are Black-owned, the first-of-its-kind report revealed.
Among their top challenges, Black business owners cited:
- Access to capital. (More than 2/3 of the 230 survey respondents who tried to get loans from small business lenders or banks were denied.) This mirrors national data that indicates Black founders are denied financing more frequently than any other racial group.
- Lack of resources and background on running an operation.
- Marketing and customer acquisition.
- Access to affordable workspaces.