Starting and sustaining a venture poses considerable challenges, as evidenced by the struggles faced by many small businesses, particularly those owned by Black entrepreneurs like Shambrica Washington. Regrettably, a significant portion of small enterprises fail within a few years of inception, with Black business owners encountering even greater obstacles.
According to the Federal Reserve 2021 Small Business Credit Survey, a staggering 92 percent of Black business owners reported experiencing financial hardships during the pandemic, the highest among all demographic groups surveyed. Over the years, Black entrepreneurs have confronted numerous barriers, stemming from both blatant and subtle forms of racism, many of which persist today.
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