According to the Harvard Business Review, 61% of Black women entrepreneurs start businesses in either retail/wholesale or the health, education, government or social services sectors, compared to the 47% of white women and 32% of white men entrepreneurs. To the extent that these are small, informal businesses with low margins in crowded competitive contexts, they are more difficult to sustain over the long term.
It also stated that access to capital, which could, in turn, influence what types of businesses Black women open, found that 61% of Black women self-fund their total start-up capital. Even though, only 29% of Black women entrepreneurs live in households with incomes over $75,000, compared to 52% of white men. The result, Black people take on a higher level of debt to go to college, and are less likely to own their own home, suggest that educated Black women are encumbered with debt, and have fewer personal resources and low collateral.
Our Partners understand these statistics and agree that something must be done to change the trajectory of black women-owned businesses. We invite you to join in as we work together to make a difference in the lives and businesses of the women we serve and the communities they live, work and play in. As a Partner, we welcome your financial funding for operations and programs, but more importantly we want your involvement. Your time and expertise mean the world to us. We want you to be involved in making sure we move the needle forward with sharing your expertise, creating real opportunities and providing mentorship that helps to position these businesses in the global marketplace.
For more information on becoming a partner click here!
