Black-owned firms more than double nationwide



The growth in the number of black-owned businesses in the Dallas-Forth Worth region of Texas has proceeded at a faster pace than the rest of the nation, according to data released Tuesday by the U.S. Census Bureau.

Black-owned businesses grew by 60.5 percent nationwide from 2002 to 2007, the Census reports, with the Dallas-Fort Worth area leading the country at a growth rate of 105 percent, compared to 74 percent throughout the state of Texas. This rate places Texas at No. 4 in the nation.

New York had the greatest number of black-owned businesses as of 2007 with 204,032 - a figure many hope will encourage black entrepreneurs to form an LLC in New York State.

However, despite the impressive gains, blacks accounted for only 7 percent of U.S. businesses in 2007 - a figure that has generated much discussion.

"One of the major problems is that African-American firms have trouble with access to capital," Gregory James, project director of the Dallas Minority Business Enterprise Center, told the Dallas Morning News.

Others have pointed to the lower level of income among blacks, which may compromise their access to capital for investment in new enterprises.

Tags : incorporation news, ny, small business management, tx
Posted: Feb 9th, 2011
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