Black entrepreneurs tend to struggle with maintaining financial stability and therefore, have trouble growing their businesses, according to an African-American Business Enterprise survey.
The study, conducted in 2016 by the University of Texas at San Antonio’s Center for Community and Business Research and the Bexar County Small Business & Entrepreneurship Department, found a number of barriers specific to African-American entrepreneurs, including limited capacities in marketing, government contacting and administrative experience.
For example, African-American owned businesses are less likely to receive credit from mainstream sources like banks. Even qualified establishments average 50 percent less credit than their non-minority peers, according to the Association for Enterprise Opportunity.
A new partnership recognizing Black Business Month in August supplies an initial contribution of $25,000 into a revolving loan fund that will benefit capacity building and training for San Antonio metro area businesses.
How does this new partnership plan to help local entrepreneurs? What other ways can African American-owned businesses grow in the San Antonio area?
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*Audio from this interview will be available by 3:30 p.m. on Thursday, Aug. 17