In 2021, the number of African American entrepreneurs increased by 38% over 2020 From Lingying
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In August 2021, the number of African American entrepreneurs surged to nearly 1.5 million, an increase of 38% over February 2020.
Rising African American entrepreneurs
The pandemic affects African American professionals two to three times more than whites, motivating many people to start fighting for financial support (48%), flexibility (46%), and offsetting the lack of a sense of achievement at work (30%).
Systemic barriers to African American Enterprises
LinkedIn’s new findings:
37% of African American business owners believe that they must include white people in the leadership team / Executive Board to obtain funds
36% of African American business owners have difficulty obtaining financing
35% of African American business owners are discriminated against when applying for funds
64% of African American business owners rely entirely on personal savings to support their businesses
Other studies show that before the pandemic, 58% of African American entrepreneurs were at risk of financial distress, compared with about 27% of white businesses. According to data from the Federal Reserve, 80.2% of white entrepreneurs received at least some funds when lending, compared with 66.4% of African American entrepreneurs.
What can be done to support African American entrepreneurs
The following is what African American entrepreneurs need to be supported in the workplace:
Career mobility: if African American entrepreneurs have greater transparency in decisions that affect their careers, they will consider staying in the company (40%).
Fair benefits: if African American entrepreneurs have a fairer salary / bonus (50%), more competitive benefits (32%) and more professional development, they will consider staying in the company (29%).
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