Black women lead in starting businesses

Your Black World - African American women now account for 30 percent of all businesses owned by women, which amounts to 14 percent of all U.S. businesses (1.3 billion). According to Black Enterprise, this makes Black women the “fastest-growing entrepreneurs in the nation, starting businesses at six times the national average.” On average, Black-women-owned businesses generate $52.6 billion in annual revenues.

One of the factors that makes this accomplishment truly spectacular is that Black women tend to have less startup capital than their male counterparts. According to a national report by the group Digitalundivided “Black women startup founders raise only $36,000 on average, whereas white males typically raise over $1 million in startup capital. In the past few years, Black women received just .02% of funding.” In addition to having less financial backing from private investors, Black women tend to have less access to mentoring and professional networks as well.