Black business ownership growing at fastest pace in 30 years [Video]

Black business ownership is growing at its fastest pace in 30 years, according to the U.S. Small Business Administration (SBA). Some that have weathered the turbulent pandemic storm have come out stronger. Regal Lounge is one example.

“Our hope is to be able to have more than just the one shop that we have now,” said Landry Phillips, who owns the barber and spa with his wife, Chynna A. Phillips in Columbia, South Carolina. The business caters specifically to a male demographic.

“Everything from haircuts, massages, manicures, pedicures, facials, hair removal, you name it. When it comes to personal care, we do it,” he added. “It’s just a change of atmosphere to kind of give guys a place to get all of their personal care needs fulfilled.”

Phillips opened his shop right as the pandemic hit. Regal Lounge was open one week and the next, closed.

“A lot of time and energy went into putting …