2020 was a year that saw more Black entrepreneurial growth than at any time in the last
25 years. Black South Florida entrepreneurs weathered everything from self-doubt and negative stigmas to COVID-related shutdowns, and now they're grateful for their journey and optimistic about the influx of fellow entrepreneurs.
An average of 380 per every 100,000 Black adults became new entrepreneurs every month of 2020, despite the disparity between the percent of U.S. population that is Black (13%) and the percent of Blackowned U.S. businesses (2%). Black-owned businesses were responsible for just 0.3% of sales in the U.S. About 40% of Black-owned firms closed in the aftermath of the outbreak versus 20% of all active U.S. businesses.
The future for each business is unknown, as the threat of another shutdown looms as COVID-19 cases continue to rise in Florida, but the number of Black entrepreneurs have increased in 2020, and owners see the influx of new Black entrepreneurs as a blessing.