25 Apr 2006 Project 21 Press Release: Growth of Black-Owned Businesses Hailed by Black Conservatives

Members of the black leadership network Project 21 are encouraged by the findings of a new government study reporting that the number of black-owned businesses in America grew significantly between 1997 and 2002.  Project 21 members hail this trend as a strong indicator that blacks are successfully taking advantage of the opportunities available to them in the post-civil rights era.

The Census Bureau’s report, “Survey of Business Owners: 2002,” notes that the number of black-owned businesses in America rose by 45 percent between 1997 and 2002 to almost 1.2 million.  At the same time, the combined revenues of these businesses rose by 25 percent to total $88.8 billion.  Commenting on the report, Census Bureau director Louis Kincannon said, “It’s encouraging to see not just the number but the sales and receipts of black-owned businesses are growing at such a robust rate, confirming that these firms are among the fastest growing segments of our economy.”Project 21 members welcome this economic good news, recognizing it as confirmation that the impediments that used to block black Americans from success are crumbling and that a lack of initiative is one of the biggest modern obstacles to progress.

“As a small business owner myself, it is very encouraging to see the number of black-owned businesses increasing so substantially,” said Project 21 member Ak’Bar Shabazz.  “These findings prove that blacks are becoming more independent and less reliant on the government or others for their personal well-being.  In order to maintain this quality rate of growth, we must ensure that our children have an educational system that will groom the next generation of African-American entrepreneurs.”

“We are pleased with the findings of the Census Bureau’s report,” added Project 21 member Mychal Massie.  “It is unimpeachable evidence that opportunity abounds for all who seek it in this great nation.  The old adage that a person can accomplish whatever they can dream has never been more apropos.  It’s a further testimonial of what Project 21 has espoused since its inception.”  Massie, who is now retired, owned his own insurance business.

For more information, contact David Almasi or Peyton Knight at (202) 507-6398 or [email protected], or visit Project 21’s website at http://www.project21.org/P21Index.html. New Visions Commentaries can be found at https://nationalcenter.org/P21NewVisions.html.