Black excellence is a thing! Especially in Maryland, as it’s the second-best state for minority entrepreneurs and business owners to succeed.
According to the Baltimore Banner, a new study by Lendio conducted the research showing that 24 percent of businesses are minority-owned in Maryland. Not to mention, job growth in minority-owned businesses is at 59 percent.
It’s no secret that Black business owners and entrepreneurs struggle with securing funding and resources for their endeavors, but thanks to the Community Reinvestment Act, Maryland provides them with more loans than the national average. The study also points to the strong presence of Historically Black Colleges and Universities as one of the major reasons Maryland is such a great place for minority-owned businesses.
The study also revealed that the number of businesses owned by Black, Hispanic and Asian American people has reached a record high — about 1.2 million in 2020, which is up more than 50 percent compared to 2007. Still, people of color make up 40 percent of the population but only own 20 percent of U.S. businesses (The Baltimore Banner). In 2023, Black businesses nationwide are slated to receive upwards of $1 billion in loans and capital.
