August is National Black Business Month.
According to the U.S. Census, there are more than two million black-owned businesses in the U.S. Unfortunately, black businesses and other minority-owned businesses often have trouble gaining access to business loans. In fact, the Wall Street Journal recently reported that African-American borrowers received only 1.7% of the Small Business Association’s $23B in loans last fiscal year, or only about $400 million. This is down from 8.2% in 2008. If that percentage had remained steady, African-American borrowers would have received nearly $2 billion last fiscal year.
So, how can black businesses overcome this shortfall in SBA funding? Accion Texas has programs specifically targeted at securing financing for minority-owned enterprises. Contact our Loan Officers at 888.215.2373 for details on small business loans.
- There Are 2 Million Black-Owned Businesses in the U.S. — And 10 Other Little Known Facts About Black Entrepreneurs
- Black Enterprise 100s: Nation’s Most Successful Black-Owned Businesses
- BlackBusiness.org: The African American Business Guide