Economic opportunity will be one of the biggest deciding factors for Americans headed to the polls next week. There is an obvious choice: Only one candidate has presented detailed and well-reasoned plans for American businesses and entrepreneurs. But in convincing the American public, Kamala Harris will have overcome the same hurdles faced by countless Black female entrepreneurs.
Black women have long faced an uphill battle when it comes to proving their economic prowess. Last year, women-founded startups received just 2% of venture funding in the U.S. and Europe. Black-founded startups received even less—just 0.5% of venture funding in the U.S. The U.S. Department of Commerce reports that minority-owned businesses are more likely to avoid applying for loans due to fear of rejection, and are less likely to be approved when they do apply. A study by the U.S. Federal Reserve found that Black entrepreneurs are indeed nearly twice as likely to be denied loans as their white counterparts.
