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Creating and owning a business is a well-established way to achieve financial stability. Businesses are also an asset that can pass from one generation to another.
However, we must consider the nation’s persistent and gaping racial wealth divide. In 2013, the median net worth, or wealth, of white families was more than 10 times that of black or Hispanic families. According to a 2016 report, if the average wealth of black families continued to grow at the same pace it has for the past three decades, black families would need nearly 230 years to build the same amount of wealth as white families had in 2013. Hispanic families would need 84 years. And, while all racial and ethnic groups experienced losses during the Great Recession, the wealth gap widened after that period.
Fermine Avila, Director of United for Business at Mile High United Way
Jice Johnson, Founder and CVO of the Black Business Initiative