Less than 30% of Black business owners successfully obtain small business loans to sustain their businesses longer than 5 years when compared to evidence that shows that more than 65% of White small business owners obtain small business loans to sustain their businesses longer than 5 years. The purpose of this multiple case study was to explore the experiences of 3 Black owners of small businesses who successfully obtained small business loans and maintained operations longer than 5 years in the Research Triangle Park area of North Carolina. The conceptual framework for this study was systems theory and contingency theory. The data collection process consisted of conducting face-to-face semistructured interviews with open-ended questions and a review of documents associated with the small business owners’ attempts to remain in business longer than 5 years. Data were analyzed using the modified van Kaam method, transcribing the interview recordings, and coding the data to identify relevant themes. Two primary themes emerged regarding successful strategies for obtaining small business loans: create an effective business plan, and research and prepare for the process of procuring a loan. The implications of this study for positive social change include the potential to provide Black owners of small businesses with strategies for obtaining small business loans and achieving sustainability of operations. Business success for Black owners of small businesses might contribute to the economic prosperity of the local communities.
| Identifer | oai:union.ndltd.org:waldenu.edu/oai:scholarworks.waldenu.edu:dissertations-8863 |
| Date | 01 January 2019 |
| Creators | Baker, Trenessa |
| Publisher | ScholarWorks |
| Source Sets | Walden University |
| Language | English |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | Walden Dissertations and Doctoral Studies |
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