New data anticipates much growth for black-owned businesses in 2023

DELMARVA – Growth is on the horizon for black-owned small businesses in 2023.

New data from Goldman Sachs shows those business owners expect to create more jobs and increase their profits.

Delaware State University Economics Professor Dr. Jan Christopher says black entrepreneurs are becoming more creative with their business concepts and are going into new and lucrative industries.

Dr. Christopher tells us that historically, Delmarva has not been the most inviting destination for diverse entrepreneurship.

She says with the population on the shore changing, those business owners are seeing new opportunities. “It’s more encouraged. It is an alternative to wage and salary employment and its some people’s only hope for their own independence,” Dr. Christopher said.

Dr. Christopher says obstacles like access to capital and other financial barriers still linger for black business owners. She encourages those looking into entrepreneurship to connect with local resources in your area.