Virginia cities among best places for black-owned businesses
Published
Several areas in Virginia have been identified by NerdWallet as Best Places for Black-owned Businesses.
The study by the personal finance website looked at 111 U.S. metropolitan areas with populations over 100,000 to compile the list.
The following local MSAs ranked in the top 20: Washington-Arlington-Alexandria, Virginia MSA (No. 5); Richmond (No.11) and Hampton Roads (No. 13). Other local areas on the list were: Charlottesville (No. 43); Lynchburg (No. 54) and Roanoke (No. 55).
In Northern Virginia, the study noted business resources such as the Northern Virginia Black Chamber of Commerce and BizLaunch, an Arlington-based entrepreneurship program.
NerdWallet rated the MSAs on seven metrics: the average revenue of black-owned businesses; percent of firms owned by African Americans; businesses per 100 residents; median income of black residents; cost of living and the November 2014 unemployment rate.
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