- In Georgia, minority-owned businesses make up only about 12 percent of the state's business revenue, and Black-owned businesses make up just 2 percent.
- Black-owned businesses face significant challenges in obtaining financing, with only 1% of Black-owned businesses receiving loans in their first year of business, compared to 7% of non-minority businesses.
- Watch the video and hear from Black-owned businesses in Valdosta about how the community can help.
Broadcast Transcript
Minority-owned businesses in Georgia account for only about 12 percent of business revenue in the state.
For black-owned businesses, the figure is 2%.
“One of the challenges I face is … lack of funding.”
I'm Maria Thomas, a local reporter for Valdosta, and I've been talking to some local Black-owned businesses to find out why they need your support.
“I just love being here in Valdosta.”
My name is Lucilla Griffin and I have lived in Valdosta my whole life and have run my own cleaning company since 2001.
She tells me that despite the challenges, owning her own business has given her the life she always wanted.
“My grandson has something happen at school, and I can see him having whatever I want for him, whether that's flexibility or financial stability. I love that.”
Lucila is one of 5.1 percent of Black private business owners in the state.
Valdosta’s population is 54% Black, yet our Black business population is similarly small.
One reason, says Lucilla and Marion Ramsey, vice president of operations for the South Georgia Black Chamber…
Black-owned businesses are more likely to be approved for loans within the first year of opening at just 1 percent, compared to 7 percent for non-minority-owned businesses.
That’s why our local South Georgia Black Chamber of Commerce is focused on getting financial assistance to those who qualify.
Lucilla tells me that the best way to get by without capital is with the support of fellow Valdostans.
“When you find someone who's doing a good job and doing what they need to do, you need to support them. That's my view.”
Black Georgians make up $118 billion of the state's spending power, yet their business owners receive only about 2 percent of the state's business revenue. I'm Maria Thomas with ABC27 in Valdosta.
