{"id":1072,"date":"2021-04-02T18:18:56","date_gmt":"2021-04-02T23:18:56","guid":{"rendered":"http:\/\/agcus.net\/?p=1072"},"modified":"2026-02-04T19:15:38","modified_gmt":"2026-02-05T01:15:38","slug":"new-study-fuels-hyperlocal-efforts-supporting-black-women-owned-businesses","status":"publish","type":"post","link":"http:\/\/streamapse.com\/TAR\/?p=1072","title":{"rendered":"New Study Fuels Hyperlocal Efforts Supporting Black Women-Owned Businesses"},"content":{"rendered":"
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(BPT) – Minority-owned businesses are the cornerstone of their communities, and over one-third of Black-owned businesses in the U.S. are headed by women \u2014 the highest share of any ethnic group. Yet according to Visa\u2019s new Black Women-Owned Business Report 2021, nearly three quarters (71%) of Black women-owned businesses estimate they can\u2019t survive another year under current pandemic conditions.<\/p>\n

In the wake of the pandemic, small and medium-sized businesses nationwide have taken a major hit, with minority businesses suffering the most devastating blows. While more than half (54%) of businesses surveyed for Visa\u2019s new report stated their business was positively impacted following the Black Lives Matter movement in Summer 2020, more than three quarters (78%) of businesses who saw benefits have said those increases have ceased.<\/p>\n

The successes of Black-owned business are hard fought, as the Federal Reserve reports Black-owned businesses are less likely to be approved for bank loans, with an approval rate of only 46.5% (compared to 75.3% for white-owned businesses). Visa\u2019s study supports this data, finding nearly one third (31%) of Black women-owned businesses stated raising capital and funding to stay afloat was one of their biggest challenges since the pandemic hit the U.S.<\/p>\n

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Photo by Andrea Piacquadio from Pexels<\/figcaption><\/figure>\n

While women-owned businesses have been historically underfunded, new resources and support are emerging, including a newly formed Visa program focused on supporting Black women-owned businesses at a hyperlocal level. Addressing the needs of local entrepreneurs in cities with the highest concentration of Black-owned businesses in the U.S. and building on support provided to women-owned small businesses through “She’s Next, Empowered by Visa” \u2014 the company brings resources and expertise to provide entrepreneurs with tailored solutions in the following cities: Atlanta, Chicago, Detroit, Los Angeles, Miami and Washington, D.C. In addition, Visa has announced it will:<\/p>\n