Black-owned businesses on the rise in Mississippi

2/9/2011

African-American entrepreneurs are finding more opportunities to run businesses in Mississippi, with the U.S. Census Bureau reporting that the number of black-owned businesses increased by 60 percent from 2002 to 2007, the Mississippi Press-Register writes.

This aligns with a similar trend observed nationally, with the number of African-American-owned companies increasing by the same amount. There are more than 1.92 million businesses in the United States owned by black entrepreneurs.

"Very crucially, many black-owned businesses remain very small businesses," Marc Morial, the president and chief executive officer of the National Urban League, which promotes economic development and civil rights for black communities, told the source. "While the sector remains small, the fact that it's outpacing the growth of the overall economy is significant."

Across all demographics nationwide, only an 18 percent growth rate was observed.

With the greater availability of commercial loans, entrepreneurs from all walks of life are finding more success. According to a new report from the National Federation of Independent Business, 92 percent of all small business owners said their credit needs were either met or they did not ask for any credit.