Despite the challenges faced by black-owned businesses in Georgia, a growing number of entrepreneurs are finding success and fulfillment in owning their own enterprises. In Valdosta, where the population is 54% black, local business owners like Lucilla Griffin are sharing their experiences and expressing the need for support from the community.
Lucilla, who has been running a cleaning business since 2001, values the flexibility and financial stability that her business provides. However, obtaining funding is still a significant challenge for black-owned businesses. While non-minority businesses receive seven percent of loans within their first year of operations, black-owned businesses only receive one percent.
This disparity is due in part to the challenges that black business owners face in obtaining financial assistance. Organizations like the South Georgia Black Chamber are working to provide support and resources to help bridge this gap and contribute to the success and growth of minority-owned businesses in Georgia.
By supporting local black-owned businesses, community members can help bridge this gap and contribute to the economic prosperity of Georgia’s minority communities. Despite facing obstacles, black Georgians have a spending power of $118 billion in the state – if we can help more black business owners succeed, we can ensure that this spending power continues to contribute to Georgia’s economy for generations to come.