During Black History Month, Intuit QuickBooks has released new small business survey findings, emphasizing the persistent economic and social hurdles the Black entrepreneurial community faces.
The survey found that 55 per cent of Black business owners have been denied a business loan at least once. Despite this, and the many barriers Black business owners face, they have the courage to take risks, show up for their community, and support future generations of business owners.
The survey revealed that 70 per cent of them view their success as important for the success of future generations of Black entrepreneurs.
Key themes and findings from Black business owners in Canada for 2023 include:
Financial struggles and disparities are barriers to success
- 66 per cent have had to pay expenses and/or employees with personal funds in the last two years
- 58 per cent needed $10,000 or more to start their businesses – compared to only 41 per cent of non-Black business
- 56 per cent of Black business owners were able to pay themselves in 2022 – compared to 71 per cent of non-Black business owners
Community is crucial
- 83 per cent have volunteered their personal time to community service in the last year
- 70 per cent feel a need for their business to give back to the Black community
- 49 per cent of Black business owners agree that successful Black businesses are critical for a thriving Black community
Educate and inform future generations
- 75 per cent think mentorship of the next generation of Black business owners is important for the advancement of successful Black businesses
- 52 per cent of Black business owners think the next generation will experience less hardships than they have.
Here’s a video interview with Dezie St. Hilaire and Clinton Redhead, of The Sea Moss Guy, who talk about the challenges they’ve faced as Black Entrepreneurs and overcoming those challenges.
The Video Interview Series by Retail Insider is available on YouTube.
Connect with Mario Toneguzzi, a veteran of the media industry for more than 40 years and named in 2021 a Top Ten Business Journalist in the world and the only Canadian – to learn how you can tell your story, share your message and amplify it to a wide audience. He is Senior News Editor with Retail Insider and owner of Mario Toneguzzi Communications Inc. and can be reached at mdtoneguzzi@gmail.com.
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