Resources for Black-Owned Business Success
It doesn't take more than a simple Google search to turn a minority-business owner's attention to a site like Black Business Women Online, an online and social media organization dedicated to African-American women business owners. Even a search on LinkedIn(LNKD) yielded many business-networking groups specifically for minority owners.
Here are a few examples of organizations that offer support for various aspects of business ownership, from securing loans to building a franchise and winning government contracts:
Small Business Administration
The SBA is stepping up initiatives to build awareness of its programs amongst underserved communities.
According to a blog post by Marie Johns, the SBA's Deputy Administrator, the SBA teamed last week with the U.S. Black Chamber of Commerce to increase the participation of black-owned small businesses in SBA programs, including loan programs, government contracting and its resource partner network, such as SCORE.
Banks and government agencies also have lending programs, specifically for blacks and other minorities who are owners of companies past the start-up stage. Check this article on Business.com to get more resources to help your business grow.
Franchising amongst blacks and minorities is rising. According to a December report by the International Franchise Association, minority ownership of franchised businesses rose from 6.2% in 2002 to 20.5% in 2007. The report cited the most recent U.S. Census data available.
Blacks and minorities were also more likely to run a franchised business as compared to a non-franchised business. Blacks owned 4.9% of all franchises, compared to Asians who owned 10.4% of all franchises and Hispanics who owned 5.2%, the report said.