SEEKING $15 BILLION
This is a good place to have an introduction sentence that speaks directly to why the Small Business pillar is important to CRA Baltimore. Mention Where the 15 billion will go, is this a priority to your coalition, how will it affect you as a business owner.
Baltimore City has a population of *593,490, The population is 72% people of color with African Americans comprising 62% of the population. In Baltimore, 16% of households and 31% of children live below the Federal Poverty Line.
Baltimore City is home to approximately 50,000 businesses, about half of which are owned by people of color. Of Baltimore’s 50,000 businesses, approximately 39,000 are sole-proprietors and include barbershops and nail salons, food trucks and caterers, childcare providers, construction contractors, and many other neighborhood-based businesses. More than 60% of Baltimore’s sole proprietors are people of color.
Among Baltimore’s sole-proprietors, 61% are owned by people of color and 56% are owned by women. While businesses owned by people of color represent half of all businesses in Baltimore, they earn only 12% of revenues among Baltimore’s businesses.
According to FDIC data, when controlling for the number of businesses per neighborhood, businesses in communities of color in East and West Baltimore receive about 8% of the dollar amount in business loans as businesses in wealthier sections of Central Baltimore.
*Source: 2019 Census Data