Black entrepreneurs in the U.S. are defying odds with a post-2020 surge in business creation, but systemic challenges continue to cast long shadows, according to a new Brookings Institution report. 🔍 While the pandemic and social justice movements inspired a wave of new ventures, only 3% of U.S. businesses are Black-owned—despite Black Americans making up 14% of the population. 📊
The Gentrification Trap 🏙️
The report highlights how rising costs in revitalized urban areas are pushing out legacy Black businesses. 'We're seeing communities lose cultural anchors like family-run soul food joints and barbershops,' one researcher noted.
Generational Hurdles 🧑🤝🧑
Limited access to startup capital and intergenerational wealth gaps create steep climbs for new entrepreneurs. Black business owners are 30% more likely to report underfunding issues compared to peers, per the study.
💡 Why it matters: These businesses employ over 1.3 million Americans and generate $141 billion annually—making their success vital for economic equity.
