Let’s build
Generation Black Wealth
Atlanta leads the nation in income inequality and economic immobility. By all measures of household financial security, Black households in Atlanta are faring worse than white households.
Almost 70% of Black families are liquid asset poor 37% of Black households have zero net worth Median Black household income is $28,105 (it is $83,722 for White households). The median net worth for Black business owners is 12 times higher than Black non-business owners. The gap in average wealth between Black and White adults decreases from 13:1 to 3:1 when you compare the wealth of business owners by race. According to Global Policy Solutions, if people of color owned businesses at the same rates as white entrepreneurs, it would result in million more jobs and $300 billion in worker income.
This is especially true in the Russell Center’s own neighborhood – Atlanta’s Westside. Once a hub for trade and industry, unemployment rates now hover over 20% and nearly half the population is living below the poverty line. A collection of predominantly Black neighborhoods, the Westside is a window into the wider tapestry of economic disparity drawn along racial and ethnic lines in metro Atlanta and across the United State
WHY ENTREPRENEURSHIP?
Build Generational Wealth.
Decrease Unemployment.
Improved Earning Potential.
Entrepreneurship provides pathways to wealth building through business ownership. Given that several organizations are dedicated to supporting housing and homeownership in Atlanta, and the city’s focused on economic development initiatives, it seemed appropriate to elevate entrepreneurship for Black Atlantans. Focusing on entrepreneurship offers the opportunity to improve the financial security of individual entrepreneurs, and serves as a gateway to community wealth building. Entrepreneurship presents an on ramp to collective prosperity that goes beyond the immediate gain of an individual business owner. Indeed, we do not recommend focusing exclusively on entrepreneurship; given the depth and breadth of
financial insecurity among Blacks, efforts that focus solely on improving entrepreneurs’ outcomes will miss an opportunity to improve financial security for employees, neighborhoods and the broader economy. However, Black owned businesses are more likely to hire employees of color. They giveback to their communities through donations of time, money and services. And, Black entrepreneurs can play key leadership and mentorship roles that invite other workers of color into the world of self-employment and business ownership. Building a healthy, thriving business is an asset that can directly improve the financial security of more than the entrepreneur and be a platform for community wealth building.
0
%
of Black Businesses have only 1 employee
The Time is Now
Atlanta leads the nation in income inequality and economic immobility. By al measures of household financial security. Black households in Atlanta are faring worse than white households.
RICE provides Entrepreneurs
+ Access to Capital
+ Economic Dev. Opportunities
+ Technical Assistance
+ Big Ideas Learning Platform
+ Leadership Development
+ Office Space