American Mirror
August 24, 2018
Black businesses are booming under President Donald Trump, up 400 percent in just one year.
Guidant Financial recently released the report highlighting small business trends in 2018, and business has been especially good for African Americans.
“African American business owners are on the rise in the United States, and we’ve narrowed down our results to reveal the top trends among African Americans and how they differ from the nationwide average,” the business financing site reports.
The biggest trend: “Year-over-year, we saw a 400% INCREASE in the number of African American owned small businesses.”
The report, complied through a 2017 State of Small Business survey of 2,600 current and aspiring entrepreneurs, shows the top states for black businesses were Texas, Georgia, California, Florida and North Carolina, respectively.
More black business owners are male than female, many do not have a college degree, and the vast majority of black business owners have fewer than 5 employees and financed their venture with cash.
- A d v e r t i s e m e n t
More than half also said their business is currently profitable. And it’s not just black businesses.
Black Enterprise put it into perspective:
(The Guidant survey) found that 45% of all small business in the country were owned by minority ethnic groups in 2018. This is a dramatic uptick from 2015 when the total percentage of minority business owners was 15%. The largest minority group of respondents were African American at 19%, followed by Hispanic at 14%, Asian at 8%, and Native American at 4%.
“Growth amongst all minorities including women is promising in America as small business ownership becomes more favorable and easier to attain,” said David Nelssen, CEO of Guidant Financial. “We anticipate and hope to see a continued increase as the impact of tax reform and economic growth shape small…