WBHM, July 31, 2020: Business Capital, Knowledge Remains Out Of Reach For Many Minority Entrepreneurs
The economic downturn in the wake of the COVID-19 pandemic has shuttered many Birmingham businesses for good. But in the 4th Avenue and Civil Rights commercial districts, none of the 56 Black-owned businesses that work with Urban Impact, an economic development organization for those districts, have gone out of business.
Urban Impact Strategic Growth Manager Elijah Davis said that unusual success “is a true testament to their spirit.”
“We are always resilient and innovative people,” Davis said.
That resilience is needed for entrepreneurs of color. Both in Birmingham and nationwide, Black-owned businesses are less common and less successful, on average, than white-owned businesses.
