5 Top States For Black Businesses

(Image: Jordan (left) and Templeton)

Virginia, Arkansas, Georgia, New York, and Ohio are the top five states for African Americans to operate a business. The findings are from the annual rating by the 12th National Black Business Month. In the #BLACKDOLLARSMATTER: State of Black Business, 12th edition report. There are 10 key factors that are evaluated for black business success, and a lot of states score higher than the federal government; notes National Black Business Month Co-founder John William Templeton. August is officially the observance for National Black Business Month, which also was co-founded by entrepreneur Frederick E. Jordan.

[Related: Celebrating Black Business]

“Almost half the states recognize the dramatic shortage of capital and have created targeted loan programs for black and/or minority businesses,” states Templeton. “Yet only 2% of SBA loans go to African American firms.”  The same ratio holds for federally-financed transportation spending and for federal procurement.

#BLACKDOLLARSMATTER gives the administration an incomplete grade for failing to take advantage of the tools provided in Dodd-Frank to monitor the race of business loan applicants or to boost procurement with black firms. A prime objective during August, is encouraging $3.1 billion in deposits to black-owned banks, which could leverage the $30 billion needed in business credit at a minimum by black businesses.

Dozens of African American entrepreneurs with industrial game-changing products are highlighted both in the report and in special pages of Templeton’s online resource, BlackMoney.com.  Templeton also announced he’s taking a 10th anniversary Katrina tour through Florida, Alabama, Mississippi, Louisiana, Texas, Arkansas, and Tennessee, to follow up on how Katrina and BP recovery spending is being allocated in the Black Belt.

Related Story: 10 Best Cities To Start A Business

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