GITNUX MARKETDATA REPORT 2024

Black Entrepreneurship Statistics: Market Report & Data

Statistic 1

"Black-owned businesses were 60% more likely to be denied credit than white-owned firms, even when controlling for credit score."

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Statistic 2

"Black-owned businesses are more likely to be “less profitable, have fewer employees, and be smaller in general” compared to white-owned businesses."

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Statistic 3

"3.8 million Black-owned businesses in the U.S. employ around 1.2 million people as of the latest census estimates."

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Statistic 4

"Fewer than 1% of venture capital (VC) funding goes to Black business founders."

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Statistic 5

"77% of Black startups say they are “bootstrapped,” or self-funded."

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Statistic 6

"Black-owned businesses in the U.S. represent approximately 9.5% of all businesses in major urban centers."

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Statistic 7

"African American women owned 2,681,200 firms in 2018, employing 321,300 people and generating $51.4 billion in revenue."

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Statistic 8

"58% of Black business owners said they were “barely hanging on” due to the COVID-19 pandemic."

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Statistic 9

"Black-owned businesses are three times more likely to hit a financial "tipping point" during economic downturns."

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Statistic 10

"Black women are the fastest-growing segment of entrepreneurs in the U.S."

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Statistic 11

"Black-owned businesses generated $150.2 billion in receipts in 2012."

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Statistic 12

"75% of Black business owners are displaced when neighborhoods experience gentrification."

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Statistic 13

"Only 2.4% of all U.S. businesses are Black-owned."

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Statistic 14

"Black-owned small businesses are concentrated heavily in healthcare and social assistance, repair and maintenance, and personal and laundry services sectors."

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Statistic 15

"Black entrepreneurs are less than half as likely as their white counterparts to have a bank loan."

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Statistic 16

"Online businesses represented a larger proportion of Black-owned startups at 35%, compared to 28% for white-owned startups in 2020."

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Statistic 17

"In 2017, African Americans owned approximately 134,567 franchises."

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Statistic 18

"17.5% of Black-owned business owners reported reduced sales productivity due to systemic discrimination or lack of access to resources."

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Statistic 19

"Loans to Black business owners are often at least 2% higher in interest rates than for white business owners."

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Statistic 20

"40% of Black-owned businesses went out of business between February and April 2020."

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