Young Entrepreneurs are growing their Businesses with Tik Tok

America has over 31 million small businesses that help drive not only local communities, but the country’s economy as well. According to the House Committee on Small Business, for every $1 spent at a small business, around 67% of that dollar remains in the local community.

Before the pandemic, approximately 58% of Black-owned businesses were at risk of financial distress, compared with about 27% of white-owned businesses. Black business owners have always faced historic challenges, and the rise of COVID-19 exacerbated existing barriers. 

As a result, in early 2020, Black business ownership declined by 41%. 

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