Three years after pandemic-era funding led to a boom in Black-owned businesses in the US, the cohort of entrepreneurs seeking to expand is facing the same barriers to capital that hampered generations of owners before them.

In 2023, just 32% of Black owners were fully approved for a loan or line of credit, compared to 56% of White entrepreneurs, according to a March report from the 12 regional Federal Reserve Banks. Black owners were also more likely to have to use personal funds to address financial challenges.