In observance of Black History Month, Intuit QuickBooks commissioned an online survey of Black and non-Black small business owners and decision-makers, to identify how technology is breaking financial barriers for Black-owned businesses. Here are a few of the key data points from the survey:
Consider Technology Adoption Important for Success
Eighty-two 82% of Black small business owners say technology is leveling the playing field for Black entrepreneurs, and 93% believe technology is helping to close the wealth gap. This means more success for the business as 84% of Black business owners believe technology is a major contributor to their success.
Adopt New Technology Faster
Twenty-eight 28% of Black entrepreneurs report adopting new technologies early, compared to 20% of non-Black business owners. Social media, mobile point-of-sale (POS) systems, CRM software, and AI-powered solutions ranked as the top digital tools that are helping Black-owned businesses drive success.
Are More Likely to Use Personal Funds
Eighty 80% of Black business owners have used personal funds to cover expenses in the last year, averaging nine times per year—higher than the seven times reported by non-Black entrepreneurs. This includes credit card usage for unexpected expenses, with 65% of Black owners relying on credit cards, compared to 47% of their non-Black counterparts.
Have Greater Challenges Securing a Business Loan
Black entrepreneurs are twice as likely to be denied a bank loan (30%) than their non-Black peers (15%), highlighting a persistent gap in access to critical startup capital.
You can view the full findings in the QuickBooks Blog here.