Government and anecdotal data suggest Rhode Island in the last few years has been a generally supportive environment for most minority entrepreneurs.
The question for minority advocates and entrepreneurs alike is: Will the growth and support continue amid an attempted federal rollback of diversity, equity and inclusion programs?
Black-owned small businesses in Rhode Island grew 62% between 2021 and 2024, to 7,095, according to U.S. Small Business Administration data. Businesses identifying as “Hispanic or a racial minority” grew 42%, to 23,794.
Anecdotal evidence collected from a monthly feature on minority-owned businesses PBN began in 2020 shows many of those businesses have been remarkably resilient amid social and economic upheaval.
Only two of the first 50 businesses featured have closed and a third is in receivership. That’s setting up for a far better success rate than the 50% the SBA says typically survive five years.
There, of course, remain local challenges, including instances of discrimination and a state minority contracting program still struggling to meet annual goals.
But there’s been progress too, which advocates worry could disappear.
“With the existing [national] climate … we may not be able to continue this work,” said Lisa Ranglin, president of the Rhode Island Black Business Association. She was also the first subject of PBN’s Everybody’s Business feature.
The feature’s goal in the tumultuous aftermath of George Floyd’s death was to give voice to minority entrepreneurs. Nearly five years later, that collective voice is as needed and relevant as ever.
