NerdWallet.com, an online personal finance provider, recently rated the best cities in the country for Black-owned businesses. The ratings were based on more than 100 U.S. metropolitan areas with populations over 100,000 and included economic indicators such as median income for blacks, percent of black-owned businesses, and cost of living.
Here are the top 10:
- Columbus, Georgia – with over a third of businesses being black-owned, this vibrant community is home to the aerospace industry, automotive manufacturing, defense, technology and tourism and has an active uptown area full of great restaurants, shops and other small businesses.
- Montgomery, Alabama – is considered one of the fastest growing cities on the list and also has nearly a third of businesses that are owned by black entrepreneurs. They also have state and county chambers of commerce that support black and minority owned businesses.
- Atlanta-Sandy Springs-Marietta, Georgia – affordable living and a strong business climate make this city a great place for black-owned businesses to thrive. State chamber of commerce and minority business development agencies also help to support black-owned businesses.
- Memphis, Tennessee – affordable living and a rich cultural environment attracts Memphis’ large percentage of black-owned businesses. The thriving community is rich in music, film and TV, bioscience, green industry and manufacturing.
- Washington-Arlington-Alexandria, Virginia – the D.C. area offers may resources for black entrepreneurs, such as the National Black Chamber of Commerce, the Northern Virginia Black Chamber of Commerce and an entrepreneurship program called BizLaunch. Technology is also a growing industry here.
- Fayetteville, North Carolina – affordable living, a revitalized downtown, and a growing black population make this city one the best places for black-owned businesses.
- Durham, North Carolina – this area is home to Duke University, the University of North Carolina at Chapel Hill and North Carolina State University, making it a great place for technology start-up companies and mission-driven organizations.
- Jackson, Mississippi – almost 25 percent of businesses in this area owned by blacks. The economy is driven by manufacturing, food processing, distribution, technology and health care with much support to black-owned businesses from the Jackson State University Small Business Development Center.
- Savannah, Georgia – Savannah’s culture is rich in African American history and has more than 200 banks and credit unions that offer funding for small business owners. Tourism is big business here with over 13 million visitors a year.
- Baltimore, Maryland – Baltimore offers strong support programs for entrepreneurs with its Baltimore Open For Business Program, Baltimore Chamber of Commerce, and Small Business Alliance Program.
Read more by visiting www.nerdwallet.com/blog/small-business/best-places-for-black-owned-businesses/