As a Black entrepreneur, the location of your startup is an important decision. Fit Small Business compiled a list of best states for Black entrepreneurship, and the state of Georgia ranks number one followed by Texas and Florida. The study found that the top-ranking states had high numbers of African American-owned businesses as well as fair average corporate tax rates.
With Black-owned businesses, on the rise these states offer unique assets to Black entrepreneurs. States were ranked according to social and financial equality, Black-owned business success, economic health, and startup climate and opportunity.
Fit Small Business recognizes that Black-owned businesses and entrepreneurship are at the foundation of the U.S. economy. Around 39 percent of participants believe the American economy will see improvement and be in a better position if Black entrepreneurs had more opportunities.
“With this being the inaugural study, our goal was to focus on the data that paints an overall picture of what the African American entrepreneur faces in the business world. While we weren’t surprised by certain findings, some of the state rankings told an interesting story of the unique journeys that African American entrepreneurs have to traverse,” said Michael De Medeiros, Fit Small Business Special Project Editor, in a press release.
Click here to see a full list of the best states for Black entrepreneurs.