The Road is Harder for Some

The path to small business success is different for every entrepreneur. For some, access to small business funding and key resources is challenging. For others, increasing business knowledge is the key to success. Whatever the needs, SCORE offers free mentoring, education, and resources to make the path to success easier and more direct. 

Black business owners disparity in funding vs. white business owners

Black-owned businesses were more likely to seek – but less likely to receive – outside funding.

  • 26.5% of White-owned businesses applied, and 54.2% were approved.
     
  • 47.7% of Black-owned businesses applied, and 22.3% were approved.
Hispanic business owners more likely to solicit additional funding

Hispanic-owned businesses were more likely to seek – but less likely to receive – expanded lines of credit.

  • 16.4% of White-owned businesses applied, and 32.7% were approved.
     
  • 30.5% of Hispanic-owned businesses applied, and 11.7% were approved.

Both Women and Male-owned businesses ranked their business as “somewhat or very good”:

  • Woman-Owned – 13-point decrease during the pandemic.
     
  • Male Owned - 5 point decrease during the pandemic.

Both Women and Male-owned businesses ranked their business as “somewhat or very good”:

  • Woman-Owned – 13-point decrease during the pandemic.
     
  • Male Owned - 5 point decrease during the pandemic.
Veteran EntrepreneursVeteran versus Non Veteran when reporting not having the right community connections

The key entrepreneurial challenge veterans face is not having the right community connections. 

  • Veterans:  33.5%
  • Non-veterans: 26.6%