Report: Massachusetts should enhance entrepreneurship amongst folks of shade

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SPRINGFIELD, Mass. (WWLP) – A recent report found that Massachusetts must increase entrepreneurship among colored people in order to achieve a more successful economy.

While minority businesses are growing, white residents are still 2.5 times more likely to own a business than black people.

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A report by MassINC and the Coalition for a Just Economy concluded that the state must increase entrepreneurship among colored people to counter a decade-long decline in the number of new businesses.

Between 2005 and 2018, the number of new businesses started annually in Massachusetts with employees decreased by 47 percent. Minority-owned companies are growing, but not fast enough to achieve equal representation. The report says black entrepreneurs face bigger barriers when it comes to getting bank loans or knowing about funding options. An expansion of the field will benefit the economy.

“It’s a business benefit because we all win. We all win because when these companies are profitable it helps us with our taxes. We can see various improvements from our educational systems to various things that can happen in our cities. “Dr. Shakenna Williams, director of global initiatives at Babson College Center for Women’s Entrepreneurship

An American Express report found that if black women had equal access to capital, entrepreneurship, and an expansive network, the US would grow $ 981 billion in sales and create 4 million new jobs.

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A bill filed in the State House would introduce a new grant program to create or strengthen business districts in color communities.