Black business owners have made essential contributions to entrepreneurship in the U.S. According to the latest data from the U.S. Census Bureau, there are over 3 million Black-owned businesses across the country, generating billions of dollars in annual revenue for the U.S. economy. This is something to celebrate during Black History Month in February. However, much like other small businesses, Black-owned businesses have faced significant challenges during the COVID-19 pandemic. Despite these obstacles, Black entrepreneurs remain determined. In fact, during the first year of the pandemic, the number of new Black-owned businesses in proportion to the total population was higher than it had been in the previous 25 years.
Many Black entrepreneurs exhibit the perseverance, innovation, and resourcefulness needed to start, grow, and sustain successful businesses, even in tough times. Take Christopher Finnick, CEO of Mama’s Southern Style BBQ II in Mauxhall, NJ, as an example. When the pandemic presented serious challenges for his family-run restaurant, Christopher sought guidance from his local Small Business Development Center on how to keep his business open. With their assistance, he was able to secure disaster loans to keep Mama’s Southern Style BBQ II operating. His determination and shrewdness led to him being named New Jersey’s 2020 Small Business Person of the Year.
There are many Black entrepreneurs with limitless potential across the nation, and the Small Business Administration (SBA) is ready to support them in realizing, achieving, and even rebuilding their goals in 2022 and beyond.
Local Support: Whether you’re looking for ongoing mentorship or have a specific business question, local SBA resource partners like SCORE, Small Business Development Centers, Veterans Business Outreach Centers, Women’s Business Centers, and Community Navigators are here to help. The SBA network consists of experts who can guide you toward the tools and connections needed to elevate your business. Plus, SBA partners are available remotely via phone, email, or video chat.
Access to Capital: Getting your business off the ground and keeping it running smoothly requires funding. The SBA gets that, and that’s why there are programs like SBA-backed loans. If you’re finding it difficult to secure a business loan with reasonable rates and terms despite being creditworthy, SBA-backed loans could be a good option. The SBA also offers grant programs for businesses in specialized fields, such as Small Business Innovation Research (SBIR) and Small Technology Transfer (STTR).
Contracting Opportunities: The federal government aims to award 23% of all federal contracting dollars to small businesses, creating significant growth opportunities. The SBA’s 8(a) Business Development Program is specifically designed for small disadvantaged businesses, ensuring they receive at least 5% of contracting dollars annually. Additional contracting assistance programs offer mentorship and exclusive contracting opportunities to help small businesses secure federal contracts.
Learning Platform: Empowering and equipping small business owners is at the heart of the SBA’s mission, and their online learning programs reflect this. The SBA Learning Platform supports entrepreneurs at every stage of their journey, from planning to launching to growing. For women business owners, the SBA’s Ascent program provides e-learning resources on various topics to help them strategize for growth and success. Moreover, the Emerging Leaders Initiative is available for promising small businesses in underserved cities that are further along in their journey.
