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20 Black and brown-owned N.J. companies just got a big boost
Updated Dec 21, 2020;
A new program that will benefit Garden State entrepreneurs says that it will address a long-standing issue for Black and brown business owners a lack of access to funding.
Despite raking in $700 billion last year, businesses founded by Black and brown entrepreneurs don’t have access to capital the same way non-minority owned companies do, according to a report by Vogue Business. Only about 1% of venture capital dollars go to Black and brown founders, the report said. On top of that, minority-owned companies have been hit especially hard by the coronavirus pandemic, according to the National Bureau of Economic Research.