Northwest Incubator for Creators, Hustlers, and Entrepreneurs
Minority-owned businesses are one of the backbones of the nation’s economy. Over the last 10 years, these businesses have created over 4.7 million jobs. Currently, there are more than 4 million minority-owned businesses in the United States, with sales that total nearly $700 million. Despite their growing importance, minority businesses face many obstacles, particularly when it comes to business financing. Minority businesses are much less likely to get loans than non-minority business owners, especially for ventures with less than $500,000 in gross receipts. And the ones that minority small businesses get from lenders tend to be half of what their counterparts receive.