The sudden attention on inequality in America has spun numerous online lists spotlighting Black-owned companies for people to support. But the Black entrepreneurs that run the businesses say they have mixed feelings about this renewed interest.
The movement may mark a cultural shift, as for a long time many Black entrepreneurs were wary of having their businesses labeled "Black-owned" out of fear that it'd limit their customer base.
OneUnited, with five total branches in California, Florida and Massachusetts, received 40,000 new accounts over the past month. “The awareness around racism caused people to rethink where they’re doing business and how they participating in the social wellbeing of their community,” Cohee said. “The death of George Floyd and Ahmaud Arbery focused people’s attention on using their financial resources as a way to better their community.”in the U.S., according to the financial advocacy group the Blackout Coalition.
Between 2007 and 2017, more than half of companies with Black owners got turned down for loans, a rate that's twice as high as white business owners, according to the Federal Reserve'sDespite issues with financing, the share of Black-owned businesses in the U.S. has risen over the past decade. There are currently 2.6 million, up from 1.9 million in 2007, according to the Department of Commerce.
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