August 2023 is National Black Business Month

<blockquote> Black business month occurs in August, and it’s set aside to celebrate Black businesses in all of its ramifications. Black businesses are resilient and thrive in the face of funding challenges. The different areas of Black entrepreneurship have to do with working hard and creating your own niche. </blockquote> There are many black business owners nationwide, working in a wide variety of industries. These business owners are working hard every day across our country. <h2>Funding challenges</h2> One of the many challenges that black owned businesses face is access to capital. They may have more challenges finding loans and funding than their white counterparts. According to <a href="https://www.forbes.com/sites/rohitarora/2020/11/24/why-black-owned-businesses-struggle-to-get-small-business-loans/" rel="noopener ugc nofollow" target="_blank">Forbes</a>, <blockquote> The Fed’s 2019 Report on Employer Firms Small Business Credit Survey found that fewer than 1-in-4 Black-owned employer firms has a recent borrowing relationship with a bank. This number drops to 1-in-10 among Black non-employer firms, compared with 1-in-4 white-owned non-employer firms. Survey evidence also indicated that Black-owned firms apply for financing at equal or higher rates than white-owned companies, but are denied at higher rates, according to the Fed report. </blockquote> <a href="https://medium.com/illumination/august-2023-is-national-black-business-month-add09a3721fa">Read More</a>