Historically, Black entrepreneurs in the U.S. have had no choice but to navigate an economic landscape marred by systemic barriers to success. From enduring racial disparities to limited access to capital, the ability of Black business owners to fully participate and thrive in the nation’s business sector has for decades been unduly hindered.
But there is reason to believe the tide is turning.
According to Myra Richardson, who serves as chief development officer for the Louisiana Chamber of Commerce Foundation, Black business is booming in Louisiana, following national trends.
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“From my personal insights, there has definitely been an uptick in Black businesses across Louisiana and especially here in the Capital Region,” Richardson says.
The numbers back up that claim. National data from the Census Bureau’s Annual Business Survey shows that in 2017, there were an estimated 124,004 Black-owned employer businesses (businesses with more than one employee) in the U.S. By 2020, that number had jumped to 140,918—a 14% uptick.
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A similar story is unfolding here in Louisiana. According to the U.S. Department of Commerce’s Minority Business Development Agency, Black-owned businesses employed 53,766 people throughout the state in 2018, an increase of nearly 50% from 2017. The latest data from the U.S. Small Business Administration’s Office of Advocacy shows that the number of Black-owned employer and nonemployer businesses in Louisiana rose from 102,070 in 2021 to 105,570 in 2022. And a February 2023 analysis published by Merchant Maverick rates Louisiana as the sixth-best state for Black entrepreneurs, up from 20th the year prior.
Together, these points of data illustrate a clear trend: Black business owners are establishing a more significant presence in both the local and national economic landscapes. But what exactly is driving this growth, and what does the future of Black business in Louisiana look like?
Read the full story from the latest edition of Business Report.