African American small businesses are often benefited from a small quantity of business resources specially available for these businesses. An African-American is a person who is domiciled in USA and is of African origin.
More on African American Small Businesses
African American business enterprises recorded a phenomenal increase in their numbers in recent years, amounting to nearly 97%. The numerical figure for African American business entrepreneurs stood at 823,499 as per 1997 data. However, despite recording this voluminous growth in numbers, room for further improvement is still there.
The African Americans are still underrepresented in comparison to the other communities in the USA.
In 1997 itself the presence of African American business enterprises were within 4% of the comparable national estimates. This was as per the data released by ‘United States Census Bureau 2000b’. A study by ‘United States Census Bureau 2002a’ revealed that 12 % of Americans above 18 years of age belonged to the African American community.
The reference period of both these estimates is same. It means that the proportion of African American Business enterprises is far less than the proportion of African Americans in the US population. This mismatch points show the improvement chances of these businesses in the United States of America. A detailed study into the factors, operating in this area would help one to understand the factors fostering the growth of African American small businesses.
Steps taken to promote African American Small Businesses
United States Congress has taken corrective action to increase the representation of the resident African American small business-owners.
The Small Business Act was put in place to promote the following:
a free competitive market
opportunities for further growth
free entry for business firms into the market
The Small Business Act also stresses on the need for relevant business training modules for owners of African American small businesses to make them more successful.