Minority-owned businesses are those that are at least 51 percent owned, operated and controlled by a minority group. Black- and African-American-owned businesses fall under this umbrella. Unfortunately, the racial wealth gap and systemic racism in the U.S. have long made it more difficult for Black entrepreneurs to thrive. More recently, inflation and increasing interest rates have also emerged as challenges for small business owners.
Minority-owned businesses are those that are at least 51 percent owned, operated and controlled by a minority group. Black- and African-American-owned businesses fall under this umbrella. Unfortunately, the racial wealth gap and systemic racism in the U.S. have long made it more difficult for Black entrepreneurs to thrive. More recently, inflation and increasing interest rates have also emerged as challenges for small business owners.