The Best States for Minority Entrepreneurs

Posted under: SMB
Date: 2024-02-22
The Best States for Minority Entrepreneurs

A study by Lendio ranks Vermont as the top state for minority entrepreneurship, considering metrics like business loan accessibility, startup growth, unemployment, and income equality. Other states in the top 20 include Wyoming, South Dakota, and New Hampshire. Despite having high percentages of minority-owned businesses, states like Hawaii and California didn't make the list due to lower ownership rates relative to their minority populations. Lendio's CEO, Brock Blake, emphasizes the lending gap experienced by minority entrepreneurs, with white entrepreneurs being more successful in securing funding compared to Asians, Hispanics, and Blacks. This highlights the need for targeted policies and programs to address inequality in funding access. Blake calls for action to level the playing field and acknowledges advancements in loan underwriting technology to promote equitable access to capital.