Grants For Women logo

The Online Guide To Women
Grants, Scholarships, and More!
Home What Are Grants? Opportunities Types of Grants How To Apply News/ Blog

  THE FUNDING FOR WOMEN BLOG  

Wednesday, November 27, 2013

African-American Women-Owned Businesses Have Increased 250 Percent Since 1997

Black Business Women
 There are more than 1.1 million businesses owned by African-American women in the U.S., according to information gathered through Census data by American Express OPEN. In 2013, these businesses earned $44.9 billion in revenue.

This group of entrepreneurs has grown more than any other women-owned businesses. Due to their growth, they have created more than 272,000 jobs in 2013. It doesn't matter that most of these businesses, 96.5 percent, consist of one entrepreneur only; they are performing and creating results.

Where are these businesses located?

Many of these successful Black women-owned businesses are located in the states of New York, Georgia, Texas and North Carolina. The results in North Carolina are phenomenal, increasing employment 358 percent because of the whopping 265 percent increase in the number of businesses being opened by Black women.

Obstacles

Black women have a tougher road to travel in creating their own businesses. As one entrepreneur put it, “I’m both female and Black, that’s like a double whammy.” They encounter obstacles that include not being taken seriously, qualifying for a business loan, and competing with male-owned businesses in the same field. But that does not deter them from pursuing their goals. They are finding resources to help them succeed.

Resources

Some of the resources available to Black women-owned businesses include:
  • The Minority Business Development Agency - this is a federal agency with locations in many states. They offer information on where to find grants, loans and other business tips that help women find the help they need.
  • U.S. Small Business Administration (SBA) - offices are located in all states across the U.S. and offer training programs and other support services for minority and women-owned businesses.
  • Women's associations and trade organizations - these organizations are very supportive of small business growth and want to help women succeed.
SHARE THIS PAGE:


>