Kamau Austin: African-American Women Business Owners Seek Financing
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Posted By: Jon C. on August 15, 2008 by Kamau Austin www.einfonews.com The number of African American women business owners with bank credit of $100,000 or more doubled between 1998 and 2002 according to Wells Fargo's latest research collaboration with Center for Women's Business Research. Wells Fargo, the nation's #1 lender to small businesses, sponsored the report, "African American Women Business Owners in the United States," one segment of a multi-cultural study to understand the unique needs of women business owners of all ethnic groups. "The Center has shown that the number of African American women-owned businesses increased by 17% between 1997 and 2002, more than double the rate of all businesses," said Brenda Ross Dulan, Market President, Los Angeles Metro Region and National Spokesperson for Wells Fargo's African American Business Services program. The study has also shown that: 1) African American women, more than other women business owners, anticipate having an additional need for business financing in the coming year. 2) A much greater percentage of African American women business owners when compared to any other ethnicity surveyed -- say they did not borrow capital to start their firms. Nearly half of African American women business owners say they have encountered obstacles when trying to obtain financing for their firms, more so than women business owners of other ethnicities surveyed. Minority businesses are growing six times faster than non-minority. Research from the Minority Business Development Agency of the U.S. Department of Commerce suggests that minority businesses have little access to capital and few chances of bidding for and winning significant contracts from large firms. Despite these challenges, minority businesses are growing six times faster than non-minority firms, according to the Bureau of Census. In 1997, more than three million minority-owned businesses were identified; 84,000 of these businesses posted annual revenues in excess of $1 million and employed more than 50 percent of their 4.5 million workforce. The minority population is the fastest-growing segment of the nation's population, with a buying potential projected at $1.5 trillion. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Jon C.
Benefits Management Analyst, State of Ohio Hampton University class of 2004 Member Since July 2003 |
Comments
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Hello Kamau, I am Anthony Bridgeforth. I've read and am inspired by your website. As a Business and Financial Broker/Consultant it sure is refreshing to review such an informative site. I am currently assisting a client with acquisiting funding for a franchise hotel brand in Jackson, Mississippi. As well as construction development funding for a brothers first franchise - A Golden Corral Restaurant. Lets communicate and see if we could do business or if I may be of assistance to any of your readers. Unity...thats the key. Thanks for your time and consideration. Saturday, August 16th 2008 at 5:58AM |
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