Financing Black Businesses in Canada and USA: Challenges and Opportunities.

Access to capital continues to be a major obstacle for entrepreneurs of color, especially for Black entrepreneurs. Despite this, the growth of Black-owned businesses has been remarkable. According to a report from the US Census Bureau’s Survey of Business Owners (SBO), the number of Black-owned businesses doubled between 2007 and 2012, reaching 2.6 million in 2014. However, many of these businesses face significant challenges when it comes to securing financing from traditional financial institutions. This blog will discuss the experiences of Black entrepreneurs in securing financing for their businesses and explore alternative financing options that may support the development and growth of Black enterprises.