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10 US states where black entrepreneurs have the best chance of establishing successful businesses and getting the resources they need to succeed

Published by Business Insider on Fri, 28 Feb 2020


There are 2.6 million black-owned businesses in the US, yet black founders receive just 1% of venture capital.Fit Small Business ranked all 50 states based on opportunities for black entrepreneurs, local startup climate, and social and financial equality.Georgia was the top state, while Texas, Florida, and California also ranked among the top five.Click here for more BI Prime content.Although there are 2.6 million black-owned businesses in the US, the country still has a long way to go before they have equal opportunities, funding, and environments for growth.Black founders receive just 1% of venture capital, according to a study by RateMyInvestor, a website where founders can rate their investors, and Diversity VC, a foundation promoting diversity in venture capital. While several black VCs are trying to close that gap, their efforts are often roadblocked by the lack of access capital, Fast Company reported.Venture capital aside, black entrepreneurs can be impacted by other factors like cost of living, government incentives, startup survival rate, and local economic health. Some states are better equipped to support black founders and offer more resources for starting and scaling a business.Fit Small Business, a website that writes advice for small businesses, ranked all 50 states based on opportunities and benefits for black entrepreneurs. The site ranked each state on start-up climate and opportunity, economic and financial health, social and financial equality, and black-owned business success. The report also included data from Kauffman Indicators of Entrepreneurship, WalletHub, and US News, among other surveys.WalletHub's study rated all 50 states on racial progress, measuring levels of equality achieved over time. This metric was based on several factors such as gaps in median annual income, unemployment rate, homeownership, education, and voter turnout.Here are the top 10 best states for black entrepreneurs, ranked lowest to highest.SEE ALSO:The top states and industries to invest in 2020 for entrepreneurs who are worried about a recessionMUST READ:The 10 US states where women have the best chances of growing a business and getting the funding they need, ranked10. ColoradoColorado has 1,104 black-owned businesses. Eighty-one percent of startups in Colorado survive their first year in business. WalletHub ranked Colorado 39th in the country for racial progress.9. MississippiMississippi has 1,683 black-owned businesses and ranked third in the country for economic and financial health. Eighty-two percent of startups in Mississippi survive their first year in business. WalletHub ranked Mississippi 3rd in the country for racial progress.8. New YorkNew York has 10,035 black-owned businesses. Eighty-seven percent of entrepreneurs in New York created a business by choice rather than out of necessity. WalletHub ranked New York 26th in the country for racial progress.7. TennesseeTennessee has 2,343 black-owned businesses and ranked fifth in the country for social and financial equality. Eighty percent of startups in Tennessee survive their first year in business. WalletHub ranked Tennessee 19th in the country for racial progress.6. OklahomaOklahoma has 649 black-owned businesses and ranked fifth in the country for start-up climate and opportunity. Eighty-two percent of startups in Oklahoma survive their first year in business. WalletHub ranked Oklahoma 25th in the country for racial progress.5. North CarolinaNorth Carolina has 5,391 black-owned businesses. Ninety percent of entrepreneurs in North Carolina created a business by choice rather than out of necessity. WalletHub ranked North Carolina 8th in the country for racial progress.4. CaliforniaCalifornia has 9,524 black-owned businesses and ranked third in the country for black business success. The state also ranked the number one state for start-up climate and opportunity. Eighty-eight percent of entrepreneurs in California created a business by choice rather than out of necessity. WalletHub ranked California 21st in the country for racial progress.3. FloridaFlorida has 10,676 black-owned businesses and ranked second in the country for black business success. Seventy-nine percent of startups in Florida survive their first year in business. WalletHub ranked Florida seventh in the country for racial progress.2. TexasTexas has 8,945 black-owned businesses and comes in second place overall. The state also ranked fourth in the country for three criteria: black business success, economic and financial health, and start-up climate and opportunity. WalletHub ranked Texas second in the country for racial progress.The state has emerged as an outstanding hub for businesses the top state for economic growth and startups and the fifth-best state for women entrepreneurs.1. GeorgiaGeorgia tops the overall list and has 10,155 black-owned businesses. It was also ranked the number one state for black business success, which is based on the number of black-owned businesses and paid employees in the state. WalletHub ranked Georgia fourth in the country for racial progress.
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