Kimberly Jolasun, a 32-year-old entrepreneur in Atlanta, is contemplating voting for a Republican candidate for the presidency for the first time. Her company, Villie, is an online platform for new parents to share updates about their babies and register for gifts. Jolasun struggles to secure financing for her business due to her race and gender. Banks charge her high-interest rates, and venture capitalists demand favorable terms. The higher borrowing costs have caused her financial anxiety and could influence her vote in the 2024 election. Black Americans are disproportionately affected by increased interest rates, impacting their ability to raise funds for businesses.
Veronica Woodruff, the founder of Travelsist in Atlanta, also faces challenges in raising capital as an African-Latina woman. Despite raising funds and grants, rising costs have forced her to increase wages and seek additional investment. Black entrepreneurs, like Woodruff and Jolasun, encounter difficulties in securing financing due to racial profiling and systemic barriers. Black voters are an essential bloc in Georgia, and their support could be pivotal in determining the outcome of the election. The Trump administration’s handling of the economy and policies regarding businesses may influence their decision at the ballot box.
The significance of the Black vote in Georgia cannot be overstated, as the number of eligible Black voters in the state has been increasing. Vice President Kamala Harris visited Atlanta to highlight the administration’s efforts to support Black business owners and entrepreneurs and narrow the racial wealth gap. While President Biden is expected to secure a large portion of the Black vote, even a slight reduction in support could affect the election outcome. Black voters in Georgia express concerns about higher borrowing costs and economic challenges, despite positive economic indicators such as low unemployment rates and job growth.
Black Americans, particularly in Georgia, face higher rates of unemployment and are disproportionately impacted by increased borrowing costs. Black-owned businesses respond to these challenges by reducing hiring, cutting jobs, and slowing growth. Entrepreneurship is common among Black Americans in Atlanta, where they are well-represented in business and culture. Start-ups in Atlanta struggle to secure financing due to conservative venture capitalists in the Southeast who are less willing to invest in unproven ideas. Black entrepreneurs face uncertainties in the current economic climate and the upcoming election.
Despite uncertainty, some Black entrepreneurs in Atlanta are considering voting for the Republican Party, viewing it as more aligned with their business interests. Ray Woods, an Atlanta real estate entrepreneur, plans to vote for Donald Trump, citing his understanding of capitalism and business. Woods sees the Republican Party as more supportive of business, while he feels the Democratic Party takes Black voters for granted. The economic challenges faced by Black entrepreneurs in Georgia influence their electoral decisions, with concerns about higher borrowing costs and financial stability impacting their voting choices.
Higher borrowing costs, inflation, and increased debt payments have had a significant impact on Black entrepreneurs and voters in Georgia. While unemployment rates in Georgia are low, Black Americans face higher rates of unemployment and struggles in securing financing for their businesses. The economic challenges facing Black entrepreneurs, combined with uncertainties around the election and differing views on the role of government in business, contribute to the nuanced choices and considerations of Black voters in Georgia as they navigate the current economic landscape.
