Small business owners of color face challenges unlike those of their white peers, often in a lack of access to capital, business opportunities and professional networks.
But United Way of Greater Philadelphia and Southern New Jersey announced Tuesday that it is aiming to support the growth of Philadelphia’s entrepreneurial community by creating Built By Philly, a new initiative designed to guide the progress of small businesses by owners from marginalized backgrounds. It is partnering with the City of Philadelphia‘s Department of Commerce, and PIDC.
The Built By Philly initiative is a product of the Philadelphia Entrepreneurship Ecosystem Assessment, a study conducted to analyze how the city’s racial demographics connect to business ownership data. The study found that Black and Latinx residents make up 44% and 17%, respectively, of the city’s population, yet only own 5% and 4% of Philly’s small businesses.
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