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Dear John,
We are entering National Small Business Week (April 28 – May 4) at a pivotal moment in our pursuit of economic equity and justice. Inclusive entrepreneurship is not just a goal; it's a necessity for building resilient communities and fostering sustainable growth, especially for communities of color. However, systemic barriers continue to hinder the progress of entrepreneurs of color.
On Thursday, May 2nd, we’re holding a day of action to call on Congress to ensure all entrepreneurs, especially Black and Latino entrepreneurs who are often not invested in and shut out of wealth building and growth opportunities, can thrive and serve our communities.
Over the past two decades, Black and Latino entrepreneurs have started new businesses at a higher rate than white individuals. Despite this, they own fewer businesses relative to their share of the population. For instance, white individuals make up three-quarters of the U.S. population and own the vast majority (83.5%) of employer firms. In comparison, Black and Latino individuals own just 2.3% and 6% of employer firms, respectively. This puts entrepreneurs of color at a disadvantage. Since they are less likely to have employees, their firms have lower revenues and lower business value. And this is just the tip of the iceberg. The bottom line is: entrepreneurs of color face structural barriers that often limit their businesses’ potential and hinder their growth.
Congress and federal agencies have the power to eliminate these barriers through policy change and create a more level playing field for all business owners.
That’s why we need you to join us in 1 week to urge Congress to implement solutions that will make the conditions of business ownership and growth more fair for all entrepreneurs but especially for Black and Latino entrepreneurs.
We cannot afford to overlook the potential of entrepreneurs of color to drive innovation, create jobs, and revitalize communities. By calling for change, we can create a more inclusive and vibrant entrepreneurial ecosystem that benefits us all.
Hoping you will join us next Thursday!
Thank you for all that you do to ensure our economy works for everyone,
Vanna Cure
Associate Director of Advocacy
Prosperity Now
