A recent study of small business owners by the U.S. Chamber of Commerce found that inflation and supply chain issues are the top challenges entrepreneurs face today. However, Black business owners face other unique, specific hurdles.
That meant non-Black patrons were on the support train, too. “I felt it and I saw it,” said Mel Banks, who was shopping for a birthday gift for his wife last week at The New Black Wall Street in Stonecrest, Georgia, about 17 miles east of Atlanta. It is a mall that has more than 100 shops and restaurants — all Black-owned.
“I think that PhxSoul.com has probably dropped off in the minds of people who don’t regularly visit the website,” he said., a wig and hair extension shop in Boston. She said that during the height of the social justice movement, corporations and financial institutions pledged to support Black-owned businesses. However, two years later, Londy, 37, said she doesn’t “really see where that has gone.
LISC also works with many major banks and insurance companies, and public and private foundations that invest in communities of color. Hall, who leads LISC’s small business and commercial lending, said the organization works with partners and foundations to decrease down payment risks for borrowers. The normal down payment risk for commercial real estate averages around 10-20% for borrowers, Hall said, but his organization lowers it to between 3 to 5% for borrowers.
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