Through our Business Ownership initiatives, Breaking Barriers to Business and Business Starts and Growth, Living Cities facilitates partnerships between city agencies and community-based organizations that fund and support businesses.
An entrepreneur’s successful path, from idea to exit, impacts their ability to increase their own net worth and create quality jobs. Local government and community organizations can play a key role in promoting that success in cities across the U.S. This is particularly true for Black, Latino, Indigenous and other entrepreneurs of color who continue to face systemic barriers that prevent them from starting and growing businesses at the same rate as their white counterparts.
According to our research with the Urban Institute published on March 15, 2023, which highlights data from the US Census Bureau’s Annual Business Survey, Black and Hispanic/Latino-owned businesses make up only about 2% and 6% of all businesses, respectively, whereas white-owned businesses make up more than 80%.
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