A new release of business data from LinkedIn shows that Black women entrepreneurs face the same barriers as Black me in trying to launch a business, including an inability to get a loan. While the LinkedIn data shows that more black women want to become business owners, there are still systemic barriers in place.
LinkedIn surveyed a wide range of Black female entrepreneurs to gain additional insight into why and how they’re looking to launch their businesses and the challenges they’re facing. According to the LinkedIn survey:
- 17% of Black women said they were in the process of starting a new business compared to 10% of white women and 15% of white men.
- Black women are two times as likely to be turned down for business loans
- Just 3% of Black women who have started businesses have mature companies
According to LinkedIn, the study showed that “for Black women, entrepreneurship is a passion. It is a means to create economic opportunity and to build generational wealth. The outcome we are committed to is equity. If we care about equity, we must overcome long-standing systemic issues, investing time, energy, network support and funding. Black women are building remarkable startups with amazing potential and scale. This is the compelling leadership opportunity at the heart of this work.”
LinkedIn also said that the company would do whatever it takes to support Black women in their business pursuits.