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Article Review: DATA: NEARLY 80% OF BLACK ENTREPRENEURS BELIEVE THEY RUN THRIVING BUSINESSES, YET GAINING ACCESS TO CAPITAL STILL A HURDLE. Ntsetselelo Dlamini, ESG Intern, Skidmore College.

Data: Nearly 80 of Black Entrepreneurs Believe They Run Thriving Businesses, Yet Gaining Access to Capital Still a Hurdle - https://www.blackenterprise.com/data-nearly-80-of-black-entrepreneurs-believe-they-run-thriving-businesses-yet-gaining-access-to-capital-still-a-hurdle/ 

The article highlights the fact that, despite the resilience of black entrepreneurs in dealing with record inflation, a pandemic and overall economic uncertainty, the issue of access to capital remains a significant hurdle. Almost 50% of black business owners report they have issues accessing finance. 

Be that as it may, the provision of information about sources of finance is a step in the right direction. The article notes that Bank of America and Seneca Women compiled a database on sources of capital specifically for black entrepreneurs (Ed note: also see the Minority and Women-owned Company Small Business Financing Guide and Workbook). 

Knowing what lenders are looking for is helpful, regardless of the source of capital. This includes factors such as the overall capacity of the business and effectively communicating business models. 

New approaches are also necessary to complement these efforts. Having the Department of Commerce’s Minority Business Development Agency directly making loans to minority business owners would help improve access to capital.

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