Columbia Sees Nearly 3 Percent Jump in Black-Owned Businesses, New Report Finds

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For the second year, Columbia, South Carolina, ranks among the Top 15 U.S. metros for the highest percentage of Black-owned businesses, according to a new LendingTree analysis.

Researchers found that 7.6 percent of businesses in Columbia are Black-owned — up from 4.9 percent in last year’s report. 

Specifically, 1,024 Black-owned businesses call Columbia home and the city has the 14th highest Black population rate in the nation. 

Though still small, the percentage of Black-owned U.S. businesses is up 22.2 percent year over year.

Also, 3.3 percent of businesses were Black-owned in 2022 (the latest available), up from 2.7 percent in 2021 and 2.4 percent in 2020 and 2019. 

A significant 39.1 percent of Black-owned businesses across the U.S. are run by women — far higher than the 22.3 percent of all businesses run by women.

About 1 in 4 (25.6 percent) Black-owned businesses are in the health care and social assistance industry. Professional, scientific and technical services (13.6 percent) and transportation and warehousing (9.2 percent) follow.

Black-owned businesses run by women are likely to be young, but a significant chunk generates hundreds of thousands in sales. 

Also, 30.9 percent of women-ran Black-owned businesses have been open for less than two years, while 19.1 percent have been open for just two to three years.

That said, 55.2 percent of these businesses have between $100,000 and $999,999 a year in sales, with another 12.8 percent making $1 million or more.

"Black History Month is a celebration of resilience, innovation, and the vital role Black Americans play in our nation’s economy,” said LendingTree chief credit analyst and small biz expert Matt Schulz. 

Schulz added, “But it’s also a reminder of the inequalities that remain—particularly in business ownership, where access to capital and systemic barriers continue to pose significant challenges. Awareness is key to creating meaningful change."

The Manitowoc Company Expands its Direct-to-Customer Footprint in Georgia, North Carolina, and South Carolina

 The Manitowoc Company, Inc. (NYSE: MTW), a leading global manufacturer of cranes and lifting solutions, announced that through its wholly- owned subsidiary, MGX Equipment Services, LLC, it has completed the acquisition of certain crane assets of Ring Power Corporation. 

Officials said the transaction expands Manitowoc’s direct-to-customer footprint in the territories with new and used crane sales, aftermarket parts, service, and remanufacturing support to a diverse range of end market customers. 

MGX will now serve crane customers in Georgia, North Carolina, and South Carolina. 

Ring Power will maintain its current facilities in Georgia, North Carolina, and South Carolina for its utility and vocational truck operations.

In addition, Ring Power will operate its crane business in Florida representing Grove, Manitowoc, and National Crane products.

The Manitowoc Company, Inc., was founded in 1902. 

Through its wholly owned subsidiaries, it designs, manufactures, markets, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names.

The Capital Corporation Advises Mannon Specialty Foods, Inc. dba Classic Cookie on Partnership With Legacy Bakehouse

The Capital Corporation said it served as the exclusive adviser to Mannon Specialty Foods, Inc., dba Classic Cookie headquartered in Sevierville, Tennessee, when partnering with Legacy Bakehouse, headquartered in Waukesha, Wisconsin.

Classic Cookie is one of the largest remaining independent manufacturers of cookie, brownie, and cookie dough products in the United States. 

Legacy Bakehouse, a portfolio company of Benford Capital Partners, is a leading developer and manufacturer of baked snack ingredients, including bagel chips, rye chips, pita chips, and other ingredients for leading CPG and retail customers.

Said Jon Mannon, CEO of Classic Cookie: “While we are proud of what we’ve built over 41 years, we know that Classic Cookie is just scratching the surface of its future growth potential. By partnering with Legacy Bakehouse and Benford Capital Partners, Classic Cookie will have more resources than ever to continue our growth while maintaining our high product and service standards to our loyal and growing customer base.”

Devin Green, COO of The Capital Corporation said, “We ran a robust process in order to find the best strategic fit for Classic Cookie. The combination of Classic Cookie’s incredibly strong brand and reputation across a variety of channels plus Benford Capital Partners’ expertise in successfully scaling companies and Legacy Bakehouse’s seasoned team and synergistic fit made this partnership an easy choice for all parties involved.”

The Capital Corporation, a leading investment bank headquartered out of Greenville, South Carolina, and with offices in Spartanburg, South Carolina and Charlotte, North Carolina, served as the exclusive investment banking advisor to Mannon Specialty Foods, Inc. on the transaction.

Classic Cookie was founded in 1984. From its 50,000 plus square foot, state-of-art manufacturing facility, Classic Cookie produces branded and private label cookie, brownie, and cookie dough products that are sold in the vending, convenience store, fundraising, specialty retail, foodservice, school nutrition and grocery channels. 

Legacy Bakehouse operates out of three certified manufacturing facilities totaling over 130,000 square feet, with two in the greater Milwaukee, WI area and one in Sevierville, TN. 

Since 1991, The Capital Corporation (www.thecapitalcorp.com) has been providing merger and acquisition services to lower middle market companies. 

The Capital Corporation’s team of professionals has closed hundreds of transactions and leverages their backgrounds from Wall Street and Fortune 500 companies for the benefit of its clients. 

The Capital Corporation is one of only four investment banks in the United States that has achieved the exclusive IMAP membership, allowing for unparalleled access to a global buyer network across three dozen countries.

Founded in 2004, Benford Capital Partners is a Chicago-based private equity firm focused on buying and building leading lower middle market companies in partnership with founders and management. 

Since inception, Benford Capital Partners has acquired over 50 companies and currently owns 15 platform companies. BCP’s industry areas of focus include industrial technology, food and consumer products, agricultural products and services, and B2B e-commerce. 

30 Percent of Small Biz Owners Fear Tariffs Will Hurt Their Sales

As the U.S. government goes back and forth with China, Mexico, and Canada on new trade policies, small business owners across the country are growing increasingly concerned about the financial fallout. 

A new survey from Alignable, North America’s largest online small business networking platform, reveals that 30 percent of small business owners anticipate revenue losses due to proposed tariffs, with 15 percent expecting significant declines. 

In contrast, only 18 percent foresee any kind of boost in sales, and just 9 percent predict substantial gains. 

Meanwhile, 40 percent believe tariffs will have no impact, and 12 percent remain uncertain. 

These insights are based on 3,718 responses from randomly selected small business owners polled from 1/7/25 to 1/31/25.

"Small businesses are already navigating a financial minefield—rising costs, inflation, and economic uncertainty," Alignable's CEO Eric Groves said. "Now, the threat of new tariffs could be the breaking point for many.” 

Business owners in Minnesota (40 percent), Washington (39 percent), Illinois (35 percent), California (34 percent), and Ohio (34 percent) report the highest levels of concern. 

Meanwhile, industries bracing for tougher times include:

* Architecture/Interior Design (48 percent expect revenue losses)

* Print/Copy Services (43 percent)

* Technology (39 percent)

* Health/Wellness & Arts/Music (38 percent)

* Retail (34 percent)

* Restaurants & Marketing/Advertising (33 percent).

Some sectors like manufacturing and business consulting are more optimistic. 

In fact, 34 percent of manufacturers expect to increase their revenue with the proposed tariffs. 

However, officials say that for the vast majority in other sectors, rising costs of materials and supply chain disruptions could have devastating economic consequences.

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