A host of black business owners at this year’s National Urban League Convention had serious questions for President Obama on his future plans for small businesses.
NPR spoke with National Urban League President Marc Morial who said that while black businesses have grown dramatically over the last decade, they still lack in revenue generation in comparison to other ethnic groups.
“Black-owned businesses still face the challenges of the three C’s,” says Morial. “Contracts, which mean opportunities to do business. Contacts, which lead to business opportunities. And capital.”
The story follows the struggles of Shaka and Na’imah Zulu, who opened a business in New Orleans a year ago. Unfortunately for them, they had to use their savings as they weren’t able to land any major loans from banks.
“Of course, you know, business loans have a lot to do with whether you have homes and your assets and things like that,” she says. “Well, a lot of us don’t have [an] extreme amount of assets due to our history.”
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