Minority-owned small businesses in Richmond need better access to finance, new report says | Business news

The Greater Richmond population is 29% Black and 7% Latinos, but when it comes to small businesses, only 5% are Black-owned and 2% are Latino-owned, according to the study, which was conducted between Nov. . was carried out and February.

The study found that Black and Latino-owned companies in the area employ fewer people and generate less income than white-owned companies.

Get access Building a successful, growing business takes capital, said Brian Robertson, CEO of Marion Marketing Global, a black-owned marketing and public relations firm based in Hanover County.

“When my customers have access to more capital, they can spend more,” said Robertson. “Without this capital, they’ll have to spend their own money on infrastructure, recruitment, and growth. I’ve seen a lot of great companies struggle between year 1 and 3 as they grow and their earnings can go up. [but] they can’t keep up because they don’t have access to capital. ”

Hoping to get access to more capital to add a fourth member to his team, Robertson understands that black entrepreneurs find it difficult to get the funding they need.

The co-owners of Fitness DAWGS, a growing black and women-owned company focused on teaching children healthy lives through books, videos, and other interactive learning tools, invested their own money in their business. But now they are looking for more funding, especially from sponsors, to take their business to the next level.