Asset Funders Network and FIELD at the Aspen Institute recently released a study about the racial wealth gap. Because Black and Latino households hold lower levels of business and financial assets, contributing to lower levels of wealth, business ownership can be a vehicle to increase an entrepreneur’s and her family’s overall net worth.
This detailed report offers explanations for the barriers to achieve wealth and some of the possible solutions and policy changes needed to support closing the gap. It also provides important insight into the challenges around available capital and support services for peoples of color looking to launch or grow a business.
OBDC believes that the power of entrepreneurship lies in its ripple effect: an entrepreneur starts a business and generates wealth for her family, creates jobs that positively impact the community, and in turn builds stronger communities. The cumulative effect of small business ownership is an increase in local tax revenue, job creation in neighborhoods that need it most, and an expansion in opportunities for person and community wealth generation.
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Click here to download and share the report.