GITNUX MARKETDATA REPORT 2024

The Most Surprising Black Owned Businesses Statistics in 2024

Statistic 1

"Black-owned businesses are twice as likely to be denied loans compared to white-owned businesses."

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Statistic 2

"Approximately 40% of Black-owned businesses are in the healthcare and social assistance sectors."

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Statistic 3

"Black-owned businesses had a total annual payroll of $26 billion in 2012."

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Statistic 4

"On average, Black business owners receive $35,000 in venture funding, compared with $1.3 million for white entrepreneurs."

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Statistic 5

"41% of Black-owned businesses were shuttered by COVID-19-related disruptions by April 2020."

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Statistic 6

"Black-owned businesses in the U.S. grew by 38% from 2007 to 2012."

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Statistic 7

"34% of Black-owned employer firms were in the “Educational Services, Health Care, and Social Assistance” industries."

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Statistic 8

"The average revenue for Black-owned businesses is $58,000, compared to $552,000 for white-owned businesses."

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Statistic 9

"As of 2020, there are more than 2.6 million Black-owned businesses in the U.S."

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Statistic 10

"Black-owned businesses are concentrated in seven states including New York, Georgia, and Texas."

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Statistic 11

"96% of Black-owned businesses are sole proprietorships."

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Statistic 12

"57% of Black-owned businesses are started by women."

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Statistic 13

"70% of Black entrepreneurs use personal savings to start their business."

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Statistic 14

"Black-owned businesses generate $150 billion in gross revenue annually."

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Statistic 15

"African Americans are 50% more likely to start a business than their white counterparts."

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Statistic 16

"Only 4% of all U.S. businesses are Black-owned."

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Statistic 17

"Black-owned businesses in the U.S. employ over 1 million people."

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Statistic 18

"Black female entrepreneurs account for 42% of new women-owned businesses."

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Statistic 19

"Only 1% of Black business owners obtained a bank loan in their first year of operation."

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Statistic 20

"Businesses in majority-Black neighborhoods experienced a 17% decrease in revenue due to the COVID-19 pandemic."

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