GITNUX MARKETDATA REPORT 2024

The Most Surprising Black Business Ownership Statistics in 2024

Statistic 1

"About 70% of Black business owners use their personal credit score to secure business financing."

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Statistic 2

"8 out of 10 Black-owned businesses fail within the first 18 months."

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Statistic 3

"The number of Black-owned businesses grew by 34% between 2007 and 2012."

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Statistic 4

"Only 4% of Black entrepreneurs use credit cards for business financing, compared to 13% of white entrepreneurs."

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Statistic 5

"Less than 1% of venture capital funded startup founders are Black."

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Statistic 6

"Black-owned businesses generated $133.7 billion in annual revenue as of recent estimates."

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Statistic 7

"Black-owned businesses in the United States account for about 2.6% of all businesses with employees."

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Statistic 8

"Black business owners report needing an average of $500,000 in capital to grow their businesses."

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Statistic 9

"38% of Black business owners reported that they were “very concerned” about the impact of COVID-19 on their businesses."

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Statistic 10

"The federal Paycheck Protection Program (PPP) loans went to only 5% of Black-owned small businesses."

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Statistic 11

"Black business owners are more likely to rely on personal savings for startup capital."

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Statistic 12

"Black-owned firms are more likely to employ fewer than 10 employees."

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Statistic 13

"Black-owned businesses are 1.6 times more likely to be located in high-poverty neighborhoods."

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Statistic 14

"Black-owned businesses are concentrated in the health care and social assistance sectors (35%)."

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Statistic 15

"Black women are leading the way in Black business ownership, making up 36% of all Black-owned businesses."

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Statistic 16

"Only 3% of Black-owned businesses are passed down to the next generation."

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Statistic 17

"Black business owners are more likely to have been denied a loan by a bank than white business owners."

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Statistic 18

"Black entrepreneurs are three times as likely to experience a revenue decrease due to COVID-19 than white entrepreneurs."

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Statistic 19

"In 2020, there were approximately 124,551 Black-owned employer businesses."

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Statistic 20

"Over 60% of Black business owners say they did not receive any government grants during COVID-19."

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