African-American business ownership has gone up 400 percent in just one year under the Trump administration, according to a new survey.
The shocking survey results come just a week after President Donald Trump’s approval among African-Americans reached new heights.
Black business owners increase by 400 percent
The survey, which was conducted by the small business financing company Guidant Financial, was taken more than 2,600 small business owners and entrepreneurs. The results showed an increase in businesses owned by minorities, especially African-Americans.
Guidant Financial CEO David Nilssen was excited about the results. In a press release, Nilssen said, “It is exciting to see the growth in minority-owned small businesses, a trend that has steadily been rising since we began our survey in 2015.
“Growth amongst all minorities including women is promising in America as small business ownership becomes more favorable and easier to attain,” he added. “We anticipate and hope to see a continued increase as the impact of tax reform and economic growth shape small business ownership moving forward.”
Thirty percent of African-American respondents said they decided to start a business because “an opportunity presented itself.” The survey found that 38 percent of black business owners are women, corroborating other reports that black women are the fastest growing group of business owners.
However, challenges persist; 80 percent said a lack of capital was holding them back. Black respondents were slightly less confident in the state of small business than the average respondent.
Approval going up among African-Americans
The survey is indicative of expanding economic opportunity since Trump took office. Trump himself has frequently touted the historically low black unemployment rate under his administration as a promise fulfilled.
The data also vindicates an argument raised by black conservatives like Candace Owens and celebrities including Kanye West that black Americans don’t have to vote for the Democratic party.
Trump echoed this sentiment in his pitch to black voters during his campaign, saying, “What do you have to lose?”
His promise to improve economic opportunity for all Americans is coming to life. If the economy continues to improve, the Democrats will be in trouble this November.