August 1st marks the beginning of National Black Business Month. This observance highlights the important role of African-American businesses to the Black community as well as to the overall national economy. The SmartBiz Loans infographic below has more statistics about the 2.6 million African-American owned businesses in the U.S.
SmartBiz Loans strives to support minority business owners across America by helping entrepreneurs secure low-cost funds for growth and savings. We're proud of the fact that we facilitate 5.4% of our SBA 7(a) loans to businesses owned by Black or African-Americans, vs. the national average of 3% for SBA 7(a).
Want to do your part to support Black owned businesses in America? Make a purchase from one (or more!) of these black-owned businesses that are innovating and encouraging entrepreneurship: Top Black-Owned Businesses to Support in 2019: Celebrating Black Culture is a Year-Round Affair. For inspiration from top Black entrepreneurs, check out our post here: Quotes to Inspire Business Owners.