RICHMOND, Va. (WRIC) — Online magazine Rolling Out has ranked Richmond in the Top 10 of its 20 best places for black entrepreneurs.

In the magazine’s May 5 edition, Richmond ranked 9th out of the 20 best cities for black entrepreneurs to open a business. Virginia Beach was also ranked 11th.

“I’m delighted to congratulate the City of Richmond for achieving this accomplishment, ranking among the top 20 cities for black entrepreneurs,” Mayor Levar M. Stoney said. “It is an honor to be recognized as a hub for cultivating new ideas, entrepreneurship and pioneering for the development of black-owned businesses.”

The article highlights the correlation between strong minority leadership and the development of minority businesses. Many of these cities indicate similar characteristics, such as political support for entrepreneurs.

The article also noted that eight out of 20 cities had African-American mayors. Partnerships with historically black colleges and universities (Historically Black Colleges and Universities), investments from black owned banks were also found in each of these cities.

Click here to read the entire article.

The City of Richmond also encourages anyone interested in learning more information regarding minority business development to contact Patricia Foster at (804) 646-7966 or miss another Facebook post from 8NewsFind 8News on Twitter, Facebook, and Instagram; send your news tips to