Running a business

Black History Month survey: Legacy and community prevail against persisting social and economic hardships

In honour of Black History Month, Intuit QuickBooks commissioned a survey of 500 Black business owners in Canada to highlight their small business experience. Survey results emphasize persisting economic and social hurdles. Facing these challenges, Black business owners are investing in their communities and future generations to advance successful Black businesses. Key findings include:

  • 69% of Black business owners have experienced racism from a customer.
  • 68% of Black business owners say they behave differently in customer and vendor interactions to avoid negative racial stereotypes.
  • 55% of Black respondents indicate that they were denied a bank loan at least once when they started their businesses.
  • 35% Black business owners need $10,000 or more to get their start. 
  • Only half (56%) of Black business owners were able to pay themselves in 2022.
  • Nearly half of Black business owners (49%) agree that successful Black businesses are critical for a thriving Black community. 
  • 70% of Black business owners view their business’s success as important to the success of future generations of Black entrepreneurs. 
  • A majority (52%) of Black business owners think the next generation will experience less hardships than they have. 

These findings shed light on where Black business owners can benefit most from support and resources to prosper in entrepreneurship. 

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