Black and Latinx business owners can thrive in Philly. But they need more resources to do it.

COVID-19 has meant reduced business for many entrepreneurs in the form of modified hours, fewer customers and in many cases, closures. Black entrepreneurs have been especially impacted by the pandemic: Its first five months, biz ownership for this group fell at a higher rate. Meanwhile, social unrest following the killings of Black people like George Floyd by police saw local businesses weathering additional damage, and entrepreneurs of color are dealing with mental anguish of seeing people who look like them lose their lives.

Black and Latinx people represent 44% and 15% of Philadelphia’s population, respectively, but own only 6% and 4% of employer firms in the city, plus 30% and 13% of non-employer firms. Boosting these entrepreneurs has been a focus of local efforts in recent years, both from the City of Philadelphia and other institutions, and more grassroots efforts. Still, we hear often in our reporting that opportunities for funding, networks and other resources are harder to come by — both locally and nationally — if you’re a person of color.

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