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

NASHVILLE, Tenn. (WTVF) — Today is Nashville Black Innovation and Entrepreneurship Day!

As Metro celebrates, I’ve got new numbers showing that Black business ownership is growing at its fastest pace in 30 years. That’s according to the Small Business Administration.

I checked out the government data for you.

It shows the SBA lent nearly $1.5 billion to Black-owned businesses in the 2023 fiscal year. That’s more than double than the year before.

And $9.5 billion in federal contracts went to Black-owned businesses in 2022, a $490 million increase from 2021.

“That’s not enough. You know, we celebrate that marker, but we need to do much, much more, and that that is our our hope and our mission hereblack entrepreneurs are so important to the fabric of of this country, not only socially but economically as well,” said Mark Madrid from the U.S. Small Business Administration.

Besides funding programs to help entrepreneurs start or expand their businesses, the agency …