US minority small business index launched

The Hope Minority Small Business Index aims to quantify the experiences of black small business owners by collecting data on topics including hope for business success, mentorship, risk tolerance, access to capital and attitudes to systemic issues.

The inaugural survey for the index was conducted in February with 1,167 black small business owners and ‘aspiring entrepreneurs’ who had taken part in Hope’s one million black business and entrepreneur initiative and other entrepreneurial training programmes throughout the US.

It found that the majority of respondents ( 98%) feel hopeful about their business, while 77% reported that Covid-19 will have a permanent effect on the way in which they run or start their business.

Additionally, 90% of those surveyed said they believe there is not enough social, financial, and government support for black small business development in the US.

Over half ( 57%) of black small business owners reported lacking adequate access to financial institutions.

The first index score was 67 out of a possible 100, and Operation Hope will continue to track this over time.

John Hope Bryant, founder, chairman and chief executive officer, Operation Hope, said: “We are excited to collaborate with SurveyMonkey to give voice to the black small business community, and to identify, amplify, and rectify the unique challenges they encounter on their pathway to success.”

Zander Lurie, chief executive, SurveyMonkey, added: “The feedback from black small business owners is clear — they need better access to the resources, tools, and funding that propel small business success.”