Doing Business as Unusual -Moving Beyond Just Technical Assistance to Wealth CreationCreating Racial Equity Through Entrepreneurship

By Cynthia Terry

We know that Black entrepreneurs still face significant challenges not experienced by white entrepreneurs. Compared to white families, Black families have the largest wealth gap amongst all minority groups. Those Black families that have a small business as a key source of income also have lower levels of business equity as compared to their counterparts. The data shows the median net worth of Black households was $24,000 as opposed to $189,000 for white households in 2019. When individuals that are Black own a business, their median net worth is 12 times higher than those that do not own businesses. Communities Unlimited has experience working with Black entrepreneurs to overcome these challenges and increase the financial sustainability of their small businesses.

Building assets for people of color begins to close the wealth gap, and for Black families, one of the most effective ways to build assets is through small business ownership.

Consider the assets typically helped by the racial group as summarized in the chart at right.

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