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| Name | Black Owned Businesses: The Importance of Seeking Funding & Resources |
| Video Uploader | Video From GoDaddy |
| Upload Date | This Video Uploaded At 25-02-2021 17:00:20 |
| Video Discription | Get the scoop on how Black businesses are closing the racial wealth gap and the resources they need to get small business loans. Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe 0:20 Why you should support Black-owned businesses 0:46 The impact of Black entrepreneurs on the economy 1:17 Closing the racial wealth gap 1:30 Connecting with a Community Development Financial Institution Small businesses are the heart of America that keeps our economy alive — and Black-owned businesses are vital to its growth. That’s why Hyacinth Vassell, VP of Innovation Engineering at the Association for Enterprise Opportunity, believes it’s crucial to invest in Black businesses if we want to invest in our nation’s financial wellbeing for the long run. As wealth builders and job creators, Black-owned small businesses are the hope our nation needs to close the generational wealth gap. They do this by hiring within their communities and building thriving businesses for years to come. Despite the challenges and lack of resources that Black business owners have, Hyacinth recommends every small business owner to connect with a Community Development Financial Institution (CDFI) for financial assistance and technical guidance to respond to government loans and small business grants like the PPP. She reminds Black entrepreneurs that seeking help and resources is not a weakness, but an asset to building a healthy future for the small but mighty business economy. References: The Black-white wealth gap is estimated to cost the economy $1 trillion per year by 2028. https://www.mckinsey.com/industries/public-and-social-sector/our-insights/building-supportive-ecosystems-for-black-owned-us-businesses If Black businesses increased their average revenue to the level of non-Black businesses, it would increase total revenue in Black businesses by approximately $676 billion. https://www.brookings.edu/essay/to-expand-the-economy-invest-in-black-businesses/#:~:text=According%20to%20the%202012%20SBO,%25%20of%20white%2Downed%20businesses.&text=Furthermore%2C%20the%20underrepresentation%20of%20Black,of%20dollars%20in%20unrealized%20revenues If the average employees per Black business increased to the level of non-Black businesses it would create approximately 1.6 million jobs. https://www.brookings.edu/essay/to-expand-the-economy-invest-in-black-businesses/#:~:text=According%20to%20the%202012%20SBO,%25%20of%20white%2Downed%20businesses.&text=Furthermore%2C%20the%20underrepresentation%20of%20Black,of%20dollars%20in%20unrealized%20revenues The median net worth for Black business owners is about 12x that of Black non-business owners. https://www.mckinsey.com/about-us/new-at-mckinsey-blog/what-will-it-take-to-build-more-black-owned-businesses Learn more about Association for Enterprise Opportunity: https://www.aeoworks.org https://www.facebook.com/aeo https://twitter.com/aeoworks Resources for Small Businesses: Venture Forward study: https://www.godaddy.com/ventureforward Up-to-date info on COVID-19: https://www.cdc.gov COVID-19 resources and grant information: https://www.covid19businesscenter.com The information contained in this video is provided for informational purposes only and should not be construed as an endorsement or advice from GoDaddy on any subject matter. #BlackOwnedBusinesses #GoDaddy #SmallBusinessNewsandTrends |
| Category | News & Politics |
| Tags | black owned business | racial wealth gap | black owned | closing the racial wealth gap | wealth gap | black business | black entrepreneur | black company | black owned company | black business owner | GoDaddy | Go Daddy | godaddy.com | Small Business News and Trends | small business news | small business trends | small business resources | small business loans | small business grants | Community Development Financial Institution | black economics | Hyacinth Vassell |
