This Black History Month, SCORE – the network of volunteer expert business mentors in the US – has launched a new support programme for Black-owned businesses.
SCORE for Black Entrepreneurs aims to address the unique needs of Black entrepreneurs. It also provides the country’s Black-owned small businesses with the resources and support they need to thrive during the Covid-19 pandemic and beyond.
Black entrepreneurs are facing unique barriers to business success, as a result of the pandemic. According to many reports, they have the been most affected by the pandemic with more Black businesses having to shut down. Many of the Black-owned firms that have managed to stay open are struggling to survive financially compared to White-owned businesses. For example, the majority of White-owned businesses that apply for loans get approved (72.4%); compared to just a third of Black-owned firms (33.6%). Additionally, although Black entrepreneurs are more likely to seek funding, they are less likely to receive it.
UNIQUE BARRIERS TO SUCCESS
“Black small business owners often face unique barriers to business success; and the past year has been especially challenging,” stated SCORE CEO Bridget Weston. “SCORE has been working to better understand the unique obstacles faced by historically-underserved populations; and to provide all of our nation’s small business owners with access to the most relevant, personalised support.”
SCORE will provide specialised business resources, which will continuously be updated to support and assist Black entrepreneurs as their needs evolve. They include:
- Educational content specially designed to support Black entrepreneurs.
- Access to live webinars and original online workshops.
- Requesting a free, remote, expert business mentor.
Click here for more information.
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