Black entrepreneurship rates are climbing in the United States. According to the most recent available Census data, there are more than 2 million Black-owned businesses in America. However, as much as everyone wants to believe that Black entrepreneurs receive fair treatment, the statistics prove otherwise.
According to data from the US Federal Reserve, more than half of Black-owned businesses were turned down for loans—twice as high as white business owners. That same report reveals that Black-owned companies were the most likely to apply for bank financing, yet less than 47% of those applications were fully funded. Even when Black business owners get approved, their rate of failure to receive complete funding is the highest among all categories by more than 10%.
Even though these numbers are discouraging, they are not set in stone. The best way to overcome these challenges is through education, and one man is doing everything in his power to increase financial literacy in the Black community and eradicate poverty through financial education.
Ensuring Financial Literacy in the Black Community
Van Taylor, a man who spent ten years working in corporate America, started his entrepreneurial journey in 2016. After helping numerous startups become six-figure enterprises, he decided to start his own legacy. He uses his skills and experience to help entrepreneurs from the Black community brand themselves and end imposter syndrome, all while building their own fortunes.
“I’m a Black father of seven that has built a seven-figure business by being authentically me and helping my community do the same. I love helping others live their truth, inspiring them, and teaching them how to monetize their expertise and passions,” Van Taylor says.
Defeating the Stereotypes
Unfortunately, many African Americans are unable to escape the stereotypes ascribed to them not because they don’t want to, but because society makes it difficult for them. Van Taylor is one of the few who managed to overcome all injustices and make a name for himself.
“I’ve overcome the stereotype of Black American males who are either dead or in jail by the age of 25. I have successfully built a brand and business that gives back to my community,” Van Taylor says.
Not only has Van Taylor managed to build a thriving business for himself and help underserved communities in America, but he also found a way to do philanthropy work that is changing the world.
Van Taylor sets aside a significant amount of his earnings to help combat food insecurity in Senegal, West Africa. During his career, he’s helped feed thousands of families. Recently, he also started a project that will improve the educational system in Senegal; Van Taylor is building coding schools for children that are meant to help eradicate poverty through technology.
Van Taylor’s motto is, “Go all in, be authentically yourself at all times, and never quit!” He believes that proper education and relentless determination can make every dream come true despite all the obstacles and challenges.