Webinar: Entrepreneurship in Communities of Color
Privately held businesses owned by businesses of color added 1.3 million jobs (over 70 percent) between 2007 and 2012. Yet, entrepreneurs of color are underrepresented when compared to their share of the population. If they owned businesses at the same rate as whites, the economy would have 1.1 million more businesses and 9 million more jobs, which would generate $300 billion more in wages.
Algernon Austin discusses this and other findings of his report, “The Color of Entrepreneurship: Why the Racial Gap Among Firms Costs the U.S. Billions.” Marla Bilonick and Thomas Yu talked about how their organizations help entrepreneurs of color and their communities access financial resources. The Latino Economic Development Center offers technical assistance, classroom training, and funds to start and expand a businesses (ranging from $5,000 to $50,000). Asian Americans for Equality serves over 1 million New York City residents of Asian descent. It ties small-business lending to post-loan business counseling and community development.
- Algernon Austin, Senior Research Fellow, Center for Global Policy Solutions
- Marla Bilonick, Executive Director, Latino Economic Development Center
- Thomas Yu, Strategic Development Officer, Asian Americans for Equality
- Sarah Gray, Senior Policy and Program Associate, Center for Global Policy Solutions (moderator)