Business Resource: Unlocking the Potential of Black Business

According to the 2022 Census Bureau, there are currently 140,918 black or African-American-owned businesses, with 141. Billion annual receipts and 1.3 million employees with 42.2 billion dollars in payroll each year. We agree that these stats are impressive and continue to grow each year. However, you will find as you dig deeper into black business communities, they are still faced with many challenges. In an interesting article published in Forbes magazine this past February, they share some of the most frequent challenges black business owners face throughout the country. These challenges include facing systemic racism, issues locating and securing funding, and lack of support resources within their communities.
Even while faced with challenges, a great deal of hope and support is available. Black Business owners are very passionate business professionals who give back to their communities and seek to work alongside the side business owners and professionals who understand their unique strengths and challenges when starting and growing a business. In this week's episode of Practical Bizz, we are on location at the Providence, Rhode Island offices of the Rhode Island Black Business Association. We speak with Founder and President, Lisa Ranglin about how her association helps build black business through business development, workforce development, and advocacy to make better futures for black communities.
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For more information about RIBBA, click the link below.
https://ri-bba.org/
For more info about the challenges black business face in the US, click the link below for the Forbes article mentioned in the show notes
https://www.forbes.com/sites/allbusiness/2023/02/20/reports-show-black-small-businesses-still-face-major-challenges/#:~:text=Bank%20of%20America's%202022%20Women,a%20relationship%20with%20a%20lender