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Working from her downtown Raleigh office, Evette Hunt recalls a time when the image itself was unheard of.
“There were some areas that we didn’t venture into because they weren’t black-owned and we weren’t allowed into those businesses,” says Hunt, who owns Evette’s Beauty Salon on S. Wilmington Street. said.
Hunt previously worked at Sellers Beauty Salon, but took over the location from a retired owner and rebranded it. She noted that a strong working relationship with her previous owner and the landlord of the building helped her secure the space.
“Your personality speaks for you. The way you express yourself, the way you act. It speaks for you. And being able to represent my community is very important because downtown Because there aren’t many black-owned businesses, this is very important to my community, my culture, my family, my children, my grandchildren,” Hunt said.
She took over the store shortly before the pandemic began, and after a difficult first year of shutdowns and damage from downtown protests, the business has rebounded remarkably.
“I just want to show[young people]that they can do this. I want them to look in my window, look in my face, and know that someone who looks like them runs their own business.” explained Hunt.
“I think it’s more important for future generations to give our children the hope that one day they can run and own their own business. They need to meet people like me.” “They need to meet other people, other black businesses who work for someone but can write checks,” added James Sampson, owner of Corner Boys BBQ.
Nevertheless, challenges persist.
“I’ve had some roadblocks as far as getting capital,” said Hunt.
About 2.4% of U.S. businesses will be black-owned, according to the U.S. Census Bureau’s estimates for 2021, a figure that aligns with another report shared last year by Lending Tree. The Federal Reserve pointed to data gleaned from its 2019 Consumer Finance Survey, which said the median income of white families was about eight times higher than that of black families. Lack of funding has been a key problem faced by minority-owned companies trying to start their businesses.
“If you have access to information from your LLC about operating your business to various trusts and locations, you can raise funds to learn more about business credit,” Sampson suggested.
He said securing a source of funding has become easier as he becomes more successful, but it can often be years of struggle.
“I started selling plates from the back of[the car]. I was everywhere, going around barbershops, hairdressers, bike shops,” said Sampson, who now runs a food truck and catering business. Told.
Similar disparities exist in homeownership, and unequal resources coupled with the inability to secure loans can create a generational wealth gap.
“If your mom, dad, or grandparents never bought a home, you were the first in your family to buy a home. Matthew Wordsworth, Principal Broker, Wordsworth Group, said:
Wordsworth and his wife launched their residential real estate company over the 2020 MLK weekend.
“Sometimes it’s helpful for buyers and sellers to have someone who looks like you on the other side of the table,” says Wordsworth.
According to the National Association of Realtors, black homeownership rates are 43.4%, lower than whites, Asians and Hispanics, and were among the four racial groups whose homeownership rates declined from 2010 to 2020. was the only Only 6% of real estate agents in the United States are black.
Wordsworth shared his personal observations of the spread of business around the city.
“I think progress is being made. I was born and raised in Raleigh. I have lived in the area for a long time. I think it’s starting to spread more to places where you can go to different parts of Raleigh and see black-owned businesses thriving,” Wordsworth said. I got
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