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NEW RESEARCH BY ACCION OPPORTUNITY FUND ABOUT BLACK-OWNED BUSINESSES

Nonprofit small business lender Accion Opportunity Fund partnered with
LegalZoom, industry leader in online business formations and management
solutions, to examine the state of Black entrepreneurship


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New survey reveals challenges, motivations, and untapped power of Black-owned
small businesses

FOR IMMEDIATE RELEASE
Media Contact:
Janel Knight Trulear
Janel@emccommunications.com
617-875-6581

September 28, 2023 – A new study from Accion Opportunity Fund (AOF), with
philanthropic support from LegalZoom, offers insights into the experiences and
motivations of Black entrepreneurs who are driving a nationwide small business
boom. Empowering Excellence: Building Ecosystems for Black Entrepreneurs shows
how Black-owned businesses that power our economy have been resilient despite
challenging times.

Based on a survey of 660 Black small business owners (of which 70% were women)
who have been in business for at least three years, as well as a focus group
discussion, this research uncovered several key findings.

Key Findings

 * AOF’s research demonstrates that Black entrepreneurs remain resilient despite
   major setbacks during the pandemic and the lingering impacts of record high
   inflation. Nearly 70% of survey respondents reported breaking even or making
   a profit from their business.
 * While Black entrepreneurs are creating jobs and growing their businesses,
   their full power as engines of our economy remains untapped because of a lack
   of support. Seventy-six percent said access to capital was a challenge and of
   those who have never received money for their business, nearly 80% said they
   either could not find the right support or could not afford to pay for
   services that would help connect them to capital.
 * Black-owned small businesses are particularly vulnerable to emergencies or
   economic shocks. Eighty percent of Black entrepreneurs surveyed said they had
   three or fewer months of cash reserves on hand. Thirty-nine percent had less
   than a month’s worth of cash reserves.
 * AOF’s research highlights that many Black business owners are motivated not
   just by revenue growth, but community impact. Twenty-six percent of
   respondents shared community or social motivations for starting their
   business, including creating meaningful jobs, providing affordable services,
   and improving their neighborhood. In communities of color, entrepreneurship
   offers the opportunity to meet broader needs that go unmet due to systemic
   racism.

“It’s time to acknowledge that Black business owners possess an abundance of
potential and passion. Our financial system has kept them from reaching that
potential  for far too long and we are all worse off for it,” said Dr. Joshua
Miller, VP of Research and Policy at Accion Opportunity Fund. “This research
shows that our economy and communities are missing out on vital jobs and
activity that could be generated if Black entrepreneurs had better access to
resources that support business growth and success. It’s more important than
ever to create an inclusive financial system that helps Black business owners
and our economy succeed.”

“We’re proud of our partnership with Accion Opportunity Fund, and the
opportunities we have to continue to help level the playing field when it comes
to access to capital, education, legal, tax, accounting, and compliance
services. We hope these findings motivate and inspire organizations of all kinds
to do more to provide equal access to the services Black business owners need,
as well as other under-represented communities,” said Catherine Davie, Head of
Engagement, Impact, & Inclusion from LegalZoom.

Based on these survey findings, AOF recommends that:

 1. Policymakers tap into the full potential of Black entrepreneurs by investing
    in community development financial institutions (CDFIs) and public-private
    partnerships to increase access to capital;
 2. Small business service providers continue to innovate to provide low-cost
    products and services such as legal, tax, compliance, accounting, and
    bookkeeping. In addition to providing the service, there’s an opportunity
    to  centralize and share resources with Black small business owners to
    access educational materials, connect with other business owners, and
    network for mentorship opportunities.
 3. Philanthropic supporters partner with mission-based organizations to address
    systemic gaps in capital access and other resources, creating a robust small
    business support ecosystem for Black entrepreneurs.

View the full report here.

On Thursday, October 5th at 11a.m. PDT/ 2p.m. EDT AOF is hosting a free,
one-hour webinar featuring Dr. Joshua Miller to discuss the real-world
implications of these findings and give audience members a chance to have their
questions answered live. Click here to register.

To request an interview with Dr. Joshua Miller and small business owners,
contact Janel Knight Trulear at janel@emccommunications.com or 617-875-6581. 

###

Accion Opportunity Fund works to advance economic mobility for low-income
communities and women and people of color who own small businesses through
affordable financial services, knowledge resources, networks, and policy. We
promote an equitable financial system by providing quality financial services
and resources, building cross-sector partnerships and advocating for fair
policies so all individuals can build financial well-being and improve their
lives. Accion Opportunity Fund Community Development is the lending arm of
Accion Opportunity Fund, California Finance Lender license #6050609. Visit the
organization at aofund.org to learn more about their business growth resources
and funding opportunities.

LegalZoom is the leading online platform for business formation in the United
States. Driven by a mission to unleash entrepreneurship, LegalZoom delivers
comprehensive legal, tax and compliance products and expertise for small
business owners through easy-to-use technology. From free business formations to
business management solutions and professional advisory services, LegalZoom
supports millions of small business owners and their families throughout the
entrepreneurial journey. Founded on the belief that everyone should have
affordable access to legal and financial expertise, LegalZoom empowers
entrepreneurs to make their dream a reality. To learn more about LegalZoom,
visit www.legalzoom.com.


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¹ Loans made by Accion Opportunity Fund Community Development. California
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