Financing remains a major challenge
WASHINGTON, February 2, 2023 /PRNewswire/ — Black entrepreneurship is on the rise, benefiting both local communities and the U.S. economy, according to SCORE, a resource partner of the U.S. Small Business Administration. This Black History Month, SCORE is celebrating America’s more than two million Black-owned small businesses and providing support and resources to Black entrepreneurs looking to start or grow a business.
Lenora Ebule, founder of Bailan Spice, a black women-owned business, successfully funded and grew her startup with the support of her mentor SCORE.
“As new small business apps grow at a record pace, Black business owners are thriving but face unique challenges no matter what stage of their business. SCORE is here to provide the tools needed to face and overcome these challenges on the path to success,” said SCORE CEO Brigitte Weston.
In a recent SCORE data report, Black business owners reported a 23% increase in annual revenue growth, twice as fast as all businesses with U.S. employers. Black-owned small businesses also hired twice as many employees as all other U.S. businesses. Despite this progress, Black entrepreneurs struggle to find financing, citing difficulty obtaining loans or a lack of trusted banking relationships.
A free, virtual SCORE webinar, “How to Find Financing Opportunities for Black-Owned Businesses,” on February 7 will discuss financial opportunities available to the Black community. Click here to register or learn more. “The key is knowing what the different options are, where to find them and above all, how to qualify,” explains the presenter. Phyllis Johnson from PKJ Consulting.
In addition to offering workshops and training to small businesses, SCORE’s national network of expert business mentors can provide Black business owners with essential advice and connections, tailored to the needs of each entrepreneur. Mentoring can take place in person, virtually or via email and is always free.
“Without my mentor and SCORE, I wouldn’t have been able to get the funding I needed to grow,” says Lénora Ébuleclient of SCORE Memphis and founder of Bailan Spice. “I started with a one-product store and grew to a full line of nine products in over 30 stores, including Kroger. Working with SCORE has helped me tremendously and I think it would help any business.”
Visit SCORE for Black Entrepreneurs to learn more.
About SCORE:
Since its launch nearly 60 years ago, SCORE has helped more than 11 million entrepreneurs start or grow their businesses. SCORE’s 10,000 volunteers provide free mentoring, workshops and educational services nationwide. Visit SCORE on www.score.org. Follow @SCOREMentors on Facebook, Twitter And LinkedIn.
Funded (in part) through a cooperative agreement with the U.S. Small Business Administration.
CONTACT:
SCORE
800-925-8458
(email protected)
Visit SCORE Media Resources to be connected to sources of interviews with small business experts and news updates.
SOURCE NOTE
