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COMMUNITY REINVESTMENT ACT FOR BLACK & LATINOS
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PILLAR 1
SMALL BUSINESS
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.
CITY STATISTICS
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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.
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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.
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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.
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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