This brief provides highlights from the 2020 National Survey of Military-Affiliated Entrepreneurs study focusing on Black and African American veteran entrepreneurs. These findings are based on the data collected from 333 Black and African American veteran entrepreneurs, which represents 21% of the respondents that answered the race/ethnicity question of the 2020 survey. This study monitors trends in the activity, needs, and economic, social, and policy barriers of military-affiliated entrepreneurs in the United States.
To learn more about this study and other briefs, publications, and presentations, please visit our National Survey of Military-Affiliated Entrepreneurs Page.
A Few Key Takeaways
51% of Black Veteran Entrepreneurs started their business to be a financially independent yet 52% lacked initial capital
43% of Black Veteran Entrepreneurs started their business to help society and support their communities
49% of Black Veteran Entrepreneurs were turned down by a creditor or lender when seeking funding in 2019
44% of Black Veteran Entrepreneurs indicated that their business debt is on credit cards
34% of Black Veteran lack mentors for their business