Minorities in America are making it in 2018. At least, that seemed to be somewhat the conclusion of a recent Guidant Financial survey. Minority 2018 Small Business Trends – together with Lending Club – surveyed 2,600 business owners and aspiring entrepreneurs.
Minority business owners in America have increased substantially in just 12 months. Indeed, the finding showed that:
“The number of African American small business owners in the United States has increased by a staggering 400% in just a year.”
In 2015, a mere 15 percent of business owners were from minority ethnic groups. So it really has come a long way.
Still though, there is work to be done. Out of the small business owners (black) only 37 percent were women. But at least movement is in the right direction. According to Guidant Financial’s CEO, David Nilssen:
“Growth amongst all minorities including women is promising in America as small business ownership becomes more favorable and easier to attain. We anticipate and hope to see a continued increase.”
Lack of capital is generally what keeps more individuals in minority groups from pursuing their dream of becoming a Small Business Owner. Thus more resources should be created to rectify this.