legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

The Growth of Black-Owned Businesses in the United States

Recent data has shown a significant increase in the number and revenue of black-owned businesses in the United States. This growth comes at a time when there is a noticeable disparity between the racial composition of business owners in the U.S. and the amount of revenue generated by these businesses.

The U.S. Census Bureau reported a 13% increase in the number of black-owned businesses from 2017 to 2020. Additionally, their revenues saw a substantial jump of 43% during the same period. The surge in small businesses is being described by Ted James, a former regional administrator with the U.S. Small Business Administration, as a “small-business boom.”

The U.S. Small Business Administration (SBA) confirmed a record-breaking 5 1/2 million new business applications in the last year, bringing the total to 16 million under the current administration. The monthly average of new business applications during the first three years of the Biden administration was 440,000.

It is worth noting that lending institutions working with the SBA understand the importance of supporting small businesses, particularly those in underrepresented communities, and are more willing to take a chance on such businesses, especially those owned by people of color.

While the SBA offers fixed loans and funding through credit unions, the primary source of significant funding for small black-owned businesses comes from community development financial institutions (CDFIs), financial technology companies, and other nonprofit lenders. These organizations are reported to be two or even three times more likely to lend to small black-owned businesses.

Notably, rules regarding business creditworthiness have evolved, providing lenders, particularly through the SBA, with more flexibility to extend their support to small black-owned businesses.

How AI legalese decoder Can Help

AI legalese decoder can play a crucial role in assisting small black-owned businesses in navigating the legal and financial aspects of their operations. With the growth in the number and revenue of these businesses, the need for legal and financial guidance is also on the rise.

The AI legalese decoder can help by providing clear and understandable explanations of legal jargon and complex financial terms often encountered by small business owners. This can empower black business owners to make informed decisions about their legal and financial matters, ultimately contributing to the continued growth and success of their ventures.

Furthermore, the AI legalese decoder can offer valuable insights into the latest regulations and policies that impact small businesses, ensuring that entrepreneurs are well-equipped to navigate the evolving business landscape.

By leveraging AI legalese decoder, small black-owned businesses can gain access to the knowledge and resources necessary to thrive in an increasingly competitive marketplace, fostering a supportive environment for the sustained growth of these enterprises.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link