ARIZONA NEWS

Economic adviser expects impact of Black-owned businesses to grow in Arizona

Feb 4, 2022, 4:45 AM | Updated: 5:19 am

(AP Photo, File/Angie Wang)...

(AP Photo, File/Angie Wang)

(AP Photo, File/Angie Wang)

PHOENIX – An Arizona economic policy adviser expects black-owned businesses to have bigger impact on the state’s economy in the coming years.

May Mgbolu, assistant director of policy and advocacy with the Arizona Center for Economic Progress, said there are about 1,200 black-owned businesses in Arizona, about 1% of employer firms in the state.

“Arizona’s black-owned businesses employed just over 12,000 workers generating more than a billion dollars in revenue and accounted for about $400 million in payroll in 2017, which is the most recent year available,” Mgbolu told KTAR News 92.3 FM.

Last year brought the inaugural State of Black Business Report for Arizona. Nearly 60% of all Black-owned firms are under 6 years old. One of the challenges they face is that only 1% of venture capital goes to African American-led businesses.

African Americans make up 3.9% of all consumer purchasing power in Arizona, a number Mgbolu hopes to see grow considerably in the coming years.

“So many of these Black-owned businesses were created based off of the owner’s savings, without a lot of access to capital,” Mgbolu said.

“It’s important to note that we all play a part in this economy. Going and purchasing something from that small business owned by minorities could be the key to keeping them open.”

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

The Loop 101 freeway will be closed in both directions near Tatum Boulevard over three nights this ...

KTAR.com

Overnight Loop 101 closures near Tatum Boulevard to start Monday

Both directions of the Loop 101 in northeast Phoenix near Tatum Boulevard will be closed three nights for utility work starting Monday.

8 hours ago

Bipartisan state budget of $16 billion passes in Arizona Legislature...

ktar.com

Weekend Wrap: Here are the biggest Phoenix news stories from June 14-16

From Arizona lawmakers passing a controversial bipartisan state budget to a fire blazing north of Fountain Hills, here are some of the biggest news stories in the Valley over the weekend.

10 hours ago

A man is dead after he was shot overnight in north phoenix....

KTAR.com

Parking dispute leaves Phoenix man dead in overnight shooting

A man is dead after he was shot overnight in north Phoenix.

11 hours ago

A 2-year-old girl died after falling into a backyard pool in Phoenix....

KTAR.com

2-year-old girl found dead in Phoenix backyard pool

Detectives are investigating the death of a 2-year-old girl who was found in a backyard pool on Saturday in Phoenix.

12 hours ago

Firefighting crews are battling the Riverside Fire north of Fountain Hills. (Tonto National Forest ...

KTAR.com

Bartlett Lake recreational areas north of Fountain Hills evacuated for Riverside Fire

The recreational areas near Bartlett Lake have been evacuated as firefighters battle the Riverside Fire north of Fountain Hills.

13 hours ago

A 2-year-old boy died after he was found in a backyard jacuzzi Saturday. (Pixabay photo)...

KTAR.com

2-year-old boy found in west Phoenix jacuzzi dies

Detectives are investigating the death of a two-year-old boy who was found in a backyard jacuzzi on Saturday in west Phoenix.

15 hours ago

Sponsored Articles

...

Sanderson Ford

3 new rides for 3 new road trips in Arizona

It's time for the Sanderson Ford Memorial Day sale with the Mighty Fine 69 Anniversary, as Sanderson Ford turned 69 years old in May.

...

Midwestern University

Midwestern University Clinics: transforming health care in the valley

Midwestern University, long a fixture of comprehensive health care education in the West Valley, is also a recognized leader in community health care.

...

DISC Desert Institute for Spine Care

Sciatica pain is treatable but surgery may be required

Sciatica pain is one of the most common ailments a person can face, and if not taken seriously, it could become one of the most harmful.

Economic adviser expects impact of Black-owned businesses to grow in Arizona