20 crazy facts about black owned businesses – Dr Boyce Watkins

I spoke in Baltimore today about Black Owned Businesses. So, I thought I would share some insights into black owned businesses and things you may not know.

I will also quickly lay out my vision for the future on black owned companies and why this matters for our community long-term.

Here are a few facts about black owned businesses and black wealth, according to fundera:

Overview: Black-Owned Business Statistics and Trends for 2020
There are more than 2 million Black-owned businesses in the United States.
World Wide Technology is the largest Black-owned business in the country.
Black-owned businesses generated $150.2 billion in gross revenue as recently as 2012.
The most popular category for Black-owned businesses is health care.
New York has the greatest number of Black-owned businesses in the country.
Washington, D.C. has the highest percentage of Black-owned businesses.
70% of Black business owners are happy with their business.
58% of Black business owners said their business’s financial health is “at risk” or “distressed” during the COVID-19 pandemic.
Just 4% of startups are founded by Black women.
35% of Black business owners are women.
Businesses owned by Black women earn significantly less than businesses run by other women.
34% of Black business owners start their businesses because they want to be their own bosses.
44% of Black business owners use their own cash to start their venture.
Black-owned businesses employ approximately 920,000 people.
Just 7% of Black-owned employer firms have six to 10 employees, compared to a national average of 12%.
Black business owners receive less business financing, less often, and at higher rates.
37.9% of Black business owners say they are “discouraged” from applying for loans.
The average level of startup capital for Black entrepreneurs is just $35,205.
Just 1% of Black business owners obtain business loans in their first year.
Only 18% of Black business owners report receiving assistance from loan officers in completing business loan applications.

You can learn more about how to get your black owned business off the ground by visiting

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