Small businesses have been the backbone of the American economy for many years. Being a Black business owner has not been simple, even though Black employees have contributed to these companies' success. In the era of online shopping, it's easy to forget that Jim Crow laws made it unlawful for Black people to own or operate a storefront in many parts of the United States. No matter who you are, it takes grit to give up the stability of a salary for the unpredictability of self-employment. However, there are additional difficulties for Black company owners.

If your paycheque is just enough to cover expenses, saving for startup expenditures can be difficult. Obtaining business loans might be challenging as well. Approximately 38 per cent of Black-owned small businesses did not receive any of the financing for which they applied. Meanwhile,33 per cent of Latino-owned firms, 24 per cent of Asian-owned businesses, and 20 per cent of white-owned businesses, according to a report published by the Federal Reserve Bank of Atlanta in December 2019.

Source: Inc.com