A new Lantern Credit study has come out that examines what metro areas will give minority business owners the best chance of success.
As noted by data on the best metros for minority business owners a variety of metro areas can give minority-owned businesses a fantastic chance of success. Lantern developed this survey by pulling together data from eight different areas representing a cross-section of factors, including cultural, business, and societal. All related – directly or indirectly – to the ability of a minority-owned business to succeed in the metro area. From there, a metro was given a rating of 1-5 stars, with five stars being the best. Additionally, the article highlighted specific areas with specific interviews. It also provided in-depth financial statistics about the minority business community in each section, using this anecdotal information to highlight broader points.
It’s also worth noting that none of this data was subjective. Lantern went in-depth at doing their research, pulling information from a variety of sources, including the U.S. Census Bureau, New American Economy, National Equity Atlas, and more. This ensures that all data was pulled from objective sources, guaranteeing that every metro got a fair look.
The results showed the diverse array of areas where minorities can succeed. Honolulu, Hawaii was ranked first, earning six five-star ratings, falling short only in revenue growth for people of color and sales from minority-owned businesses. This rating is particularly striking, given that Honolulu is very tourism-dependent, and tourism as a whole has been devastated by COVID.
As part of their Honolulu interview, Lantern spoke with Jared Brown, an African-American man who founded the Fat Checks restaurant. Brown said that he had extremely positive experiences with business leaders in Hawaii, noting their responsiveness to his desire to open a business and welcome him to the city. He also said that he saw an increase in business as more people moved to support black-owned businesses.
Indeed, these interviews were arguably the most illuminating parts of the articles. Another interviewed checked in on Sybil Bailey, who founded Afro Mermaid Skincare in Knoxville, Tennessee. Bailey discussed her experiences, including how she founded her business and what led her to do so. She also noted that there were minority-specific resources that helped get her off the ground.
Interestingly enough, the rest of the report bounced across the country, showing that no region seems to have a monopoly on the creation of a positive business climate for minority businesses. Four more states highlighted were in the Midwest, four in the south, and two in the west. Florida and Ohio each counted two metros as part of their list.
As noted in the article, “Minority-owned businesses are an integral part of the business landscape in our country, contributing a wealth of ideas and innovations to the American economy.” However, sadly, not every area is as welcoming or open to minority businesses. Thankfully, using objective criteria and drawing on personal stories, Lantern Credit has done an excellent job of laying out what cities can truly offer minority business-owners an excellent shot of success.
