Reviewed by: Cecilia Wood
Montgomery ranks second best city for Black-owned businesses in the nation. Here’s why
Congratulations, Montgomery! The city has been ranked as the second best city in the nation for Black-owned businesses, according to multiple media outlets. Here’s why.
Details
Media publications NerdWallet and Overheard on Conference Calls recently listed Montgomery as the second best city in the nation for Black entrepreneurs to start or own a business. 28.5% of the businesses in the City of Montgomery are Black-owned, surpassing others in NerdWallet’s research findings.
According to Overhead on Conference Calls, Alabama’s Capital City’s high percentage of Black-owned businesses, low unemployment rate and low cost of living make it a great spot for Black entrepreneurs.
“Black-owned businesses are essential to our city’s cultural and economic fabric. Montgomery is home to many Black-owned businesses that provide jobs and essential services and make our city a great place to live and work. I am proud to share that we have tripled the number of Black businesses who receive City contracts.”
Steven L. Reed, Mayor, City of Montgomery
Doing Business with Montgomery
Mayor Steven L. Reed, the first Black Montgomery Mayor in over 200 years, recently made an announcement regarding plans to partner with local Black-owned banks and financial institutions and the initial success of the Doing Business with Montgomery small business initiative.
“In everything we do, our goal is to foster a culture of diversity, equity and inclusion. This includes working to close the racial wealth gap by ensuring Black-owned businesses have access to the capital and capacity necessary to not only sustain–but grow–their operations.”
Steven L. Reed, Mayor, City of Montgomery
Under the initiative, the city will transfer $20 million to Liberty Bank, the largest Black-owned financial institution in the United States, which will manage assets.
What are your thoughts on the City of Montgomery being ranked second as the best city for Black-owned businesses in the U.S.? Tag us on socials @TheBamaBuzz and let us know.
