If you’re a Black entrepreneur and you don’t live in one of the following 10 cities, you may want to consider relocating. Blacktech Week used data from the U.S. Census Bureau to update its list from 2015 of cities where Black entrepreneurs thrive. The same cities made this new list that was previously published by NerdWallet, only they were ranked differently this time around, HuffPost reported.
The top ten cities, defined as areas with more than 100,000 residents, follow:
1. Memphis, Tennessee (previously ranked third): Memphis has the lowest unemployment rate of the top ten cities, a Black Business Association and a higher percentage of Black-owned businesses than Atlanta, the city commonly thought of as the best place for Black entrepreneurship.
2. Montgomery, Alabama: What’s boast-worthy about Montgomery is that it has “the highest percentage of black businesses nationwide,” according to HuffPost. Black business-owners there can also consult the Alabama State Black Chamber of Commerce and Montgomery’s Chamber of Commerce Minority Business Development Task Force for support.
3. Atlanta/ Sandy Springs/ Marietta Georgia (down from first place): The top city for Black businesses in 2015, still has the “highest number of businesses per 100 habitants,” an unemployment rate that has decreased from 6 percent to 4.5 percent and the Atlanta Metropolitan Black Chamber of Commerce.
4. Washington/Arlington and Alexandria, Virginia: The “urrea” touted the highest median income for Black residents nationwide, the highest growth rate of startups (measured by number of employees) over the last five years and the support of “National Black Chamber of Commerce, the Northern Virginia Black Chamber of Commerce and BizLaunch, an entrepreneurship program.”
5. Savannah, Georgia (up from sixth place): Savannah’s rich jazz legacy attracts tourism, which has bolstered much of the Black business ownership in the oceanside city.
6. Baton Rouge, Louisiana (up from seventh place): Baton Rouge’s petrochemical industry has driven much of its business, as it has the “4th largest refinery in the US and 10th largest in the world.”
7. Durham, North Carolina (down from fifth place): “Several accelerators, co-working spaces, and entrepreneurial convening places” boosted Durham’s thriving Black business community, which has contributed to the city’s significant decrease in unemployment (from 6.1 percent to 3.8 percent).
8. Baltimore/ Towson, Maryland: Although the city took a financial hit with the loss of many manufacturing jobs, the survival of small businesses has increased in the last five years.
9. Miami/ Fort Lauderdale/ Pompano Beach, Florida (up from 10th place): The trifecta that keeps this metro area in the top ten included an increase in median annual income ($16,091 to $23,309), a decrease in the cost of living and a decrease in unemployment (5.7 percent to 4.2 percent).
10. Richmond, Virginia (down from ninth place): With the “2nd highest average annual revenues for black-owned businesses,” Richmond’s history of Black entrepreneurship secured its inclusion on the updated list. position. “The Jackson Ward neighborhood is commonly referred as ‘the birthplace of Black capitalism’ and is considered the second ‘Black Wall Street,’ after the Greenwood district in Tulsa, Oklahoma,” HuffPo wrote.
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1. Pharrell Williams recently announced he’s teaming with upscale grocery store Dean & DeLuca to offer a line called “The Williams Family Kitchen” inspired by authentic recipes straight from the Williams family.
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2. 2 Chainz never forgets where he came from. The rapper once revealed that he’s a landlord in his hometown of Atlanta.
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3. Lil Kim has always been about her coins. The Queen Bee teamed with North Carolina salon owner and cousin Katrise Jones to expand and franchise Jones’ Salon Se Swa brand to five salons.
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4. One of the most unexpected business ventures in hip-hop history was Jay Z acquiring partial ownership of the New Jersey Nets, bringing them to play in his hometown of Brooklyn. Iconic!
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5. Cam’ron has had some of the most innovative businesses in the rap game. He’s had everything from his own line of cereal to capes to even owning his own chicken spot in Harlem.
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6. Snoop Dogg has his hands in almost anything you can think of. One of his more unusual side projects is his chain of Snoopermarkets with Overstock.com.
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7. Rick Ross put his money where his mouth is. The MMG Boss has built himself a small empire of Wingstop franchises.
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8. Everyone knows 50 Cent is the ultimate hustler. The rapper/actor/producer made millions from his Vitamin Water deal and even invests in platinum mines in South Africa.
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9. LL Cool J has been making moves since his career started many years ago. The rapper released a children’s book called “And the Winner Is…. “. It comes with a CD and is part of a Scholastic series called Hip Kid Hop. It’s still available on Amazon.
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10. Back in 2008, E-40 invested in Icepiks by E.D.K.O.: A studded toothpick held in the teeth of celebs like Chris Brown and Ja Rule for stylish purposes.
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