Memphis reigns supreme as the top city for black-owned businesses, according to Fast Company, Memphis is the best place for Black entrepreneurs.
Black entrepreneurship is on the rise, but according to the website, African-American founders receive less funding than their White peers. they also have limited access to capital.
In fact, less than 1% of black founders receive funding, leaving many Black owned business left to operate by just one person. This limits their ability to not only hire other employees, but to grow and build their business venture.
Black entrepreneurs may be struggling in Silicon Valley, but a recent report by Blacktech Week revealed that they are striving in the Southeast.
According to the findings, the top four cities for Black-owned businesses are Memphis, Montgomery, and Atlanta.
Researchers cite an increase in the Black population and low cost of living along with supporting their own as reasons why Black entrepreneurs thrive in these cities.
Official Black Wallstreet founder, Mandy Bowman isn’t surprised that these three cities are serving as a hub for Black entrepreneurs.
The history of entrepreneurship in these cities has also contributed to their thriving business scene. The South, especially during the Jim Crow era, had a long history of entrepreneurship. People in these cities had no choice but to start their own businesses, and because of that history, it’s something that’s been ingrained in those cities, says Official Black Wallstreet founder, Mandy Bowman.
If you’re a Black entrepreneur looking to start a business, Memphis is the perfect place for you. With affordable living costs and flourishing economy—not to mention an incredible community of support—Memphis offers everything needed by African American entrepreneurs.