According to recent studies, Black-owned businesses make up only 2.5% of all small businesses in the U.S., even though they make up 15% of the population. This is a missed opportunity for economic growth, as businesses of color are significant drivers of job creation and economic expansion. Similarly, Latino-owned businesses are the fastest-growing segment in recovery from the COVID pandemic. And yet, these businesses often face significant barriers to success due to a lack of access to capital.
32% of Black-owned businesses are in the industries of healthcare and social assistance, according to a recent report from Brookings. These businesses are often community-centric, offering more services in under-represented communities and employing more people, especially populations that are typically under-employed. This helps create a sense of pride and ownership within the community while also providing much-needed services.
This May, let’s celebrate businesses of color and support their success with these business resources. By helping Black and Latino-owned organizations with the resources and financial support they need to grow, we can create jobs, expand the economy, and build a brighter future for everyone.
If you, or a business you know, would like to explore loan offers from Ascendus, please reach out to one of our loan officers to begin the process, here.