Black-Owned Businesses Fuel Economic Impact with Growth and Optimism

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Feb 02, 2023, 13:32 ET

Funding Remains a Top Challenge

WASHINGTON, Feb. 2, 2023 /PRNewswire/ -- Black entrepreneurship is on the rise, benefitting both local communities and the U.S. economy, according to SCORE, a resource partner of the U.S. Small Business Administration. This Black History Month, SCORE is celebrating America's more than two million Black-owned small businesses and offering support and resources to Black entrepreneurs who want to launch or grow a business.

Lenora Ebule, founder of Black- and woman-owned business Bailan Spice, successfully funded and scaled her startup with support from her SCORE mentor.

"As new small business applications continue at a record-setting pace, Black business owners are thriving, but face unique challenges no matter what their business stage. SCORE is here to provide the tools to meet and overcome these challenges on the road to success," said SCORE CEO Bridget Weston.

In a recent SCORE data report, Black business owners reported a 23% uptick in annual revenue growth – twice as fast as overall U.S. employer-businesses. Black-owned small businesses also added employees at double the rate of all other U.S. businesses. Despite these gains, Black entrepreneurs struggle to find funding, citing difficulty securing loans or a lack of trusted banking relationships.

A free, virtual SCORE webinar, "How To Find Funding Opportunities For Black-Owned Businesses," on Feb. 7 will discuss financial opportunities available to the Black community. Click here to register or learn more. "The key is to learn what the different options are, where to find them and most importantly, how to qualify," explains presenter Phyllis Johnson of PKJ Consulting.

In addition to offering small business workshops and training, SCORE's nationwide network of expert business mentors can provide Black business owners with critical guidance and connections, customized to the needs of each entrepreneur. Mentoring can take place in-person, virtually or via email and is always free of charge.

"Without my mentor and SCORE, I would not have been able to get the funding I needed to grow," says Lenora Ebule, SCORE Memphis client and founder of Bailan Spice. "I started with one store with one product and I have gone to an entire range of nine products in more than 30 stores, including Kroger. Working with SCORE has helped me tremendously and I believe it would help any business."

Visit SCORE for Black Entrepreneurs to learn more.

About SCORE:
Since its launch nearly 60 years ago, SCORE has helped more than 11 million entrepreneurs start or grow a business. SCORE's 10,000 volunteers provide free mentoring, workshops and educational services nationwide. Visit SCORE at www.score.org. Follow @SCOREMentors on Facebook, Twitter and LinkedIn. 

Funded [in part] through a Cooperative Agreement with the U.S. Small Business Administration. 

CONTACT:
SCORE
800-925-8458
[email protected]
Visit SCORE's media resources to be connected with expert small business interview sources and news updates.

SOURCE SCORE