WA State Black Businesses Need Funding
The Black Eco Chamber exists because the importance of black-owned businesses in Washington State cannot be overstated. Black businesses not only provide vital goods and services to the community, but they also serve as economic drivers and much needed sources of employment. Moreover, they help to promote diversity and inclusivity within the state’s economy.
These businesses provide opportunities for people of color to succeed in the business world and serve as role models for other aspiring entrepreneurs. They also help to ensure that the state’s economy reflects the diversity of its population.
According to a 2021 press release by the United State Census Bureau, black-owned businesses in the United States employ over 1.3 million people and generate over $133 billion in annual revenue. As of 2016 Blacks and Hispanics make up about 15  percent of the population in the Seattle metro area — but they own less than 5  percent of the businesses.
One of the biggest obstacles black businesses face is a lack of access to capital and other resources. According to a report by the National Black Business Council, black-owned businesses in the United States are often denied loans and other forms of financing at much higher rates than white-owned businesses. This makes it difficult to grow and expand, much less sustain business.
Come Saturday, January 28, 2023 the Black Eco Chamber will be hosting a workshop on Funding Opportunities geared specifically to black business owners and aspiring owners. It is important that we as a community take steps to support and empower black-owned businesses in our state, so that they can continue to thrive and make a positive impact on our economy.
