The United States is home to more than two million black-owned businesses, according to the most recent data available from the census. Of this number, 124,000 are defined as “employing companies”, meaning that they have employees in addition to the owner(s). The number of black-owned businesses is growing at a faster rate than the national average, and they are more likely to be in the healthcare and welfare, transportation and storage industries. Women-owned businesses are also more prominent in the small business world, with 35.4% of black-owned businesses being owned by black women.Researchers first estimated the number of black-owned businesses in each metro.
They then found the 50 metropolitan areas with the most black-owned businesses and estimated the percentages. Metropolitan areas were ranked from highest to lowest. Nine of the top 10 metropolitan areas with the highest percentage of black-owned businesses are in the south. In each of the nine meters, at least 25% of the metro's population is black.Fayetteville, North Carolina has the highest percentage of black-owned businesses at 8.3%.
Within the metro, blacks represent 33% of the population, the seventh highest among 50 meters. Washington, D. C., which has a quarter (25%) of its population as black, ranks second for its percentage of black-owned businesses at 7.7%. Richmond, VA is third with 6.9%, followed by Atlanta (6.7%), Birmingham (3.5%), St.
Louis (1.8%), Milwaukee (1.5%), Pittsburgh (1%) and San Diego (1.1%).The higher percentage of black residents in a metro does not necessarily mean that you will have a higher percentage of black-owned businesses. For example, St. Louis and Milwaukee have an approximately comparable percentage of black residents at 16% and 18%, respectively. However, with only 1.8% of its black-owned businesses, Milwaukee ranks 41st for its share of black-owned businesses, while St.
Louis ranks fourth.The Minority Business Development Agency (MBDA) has several key initiatives designed to promote and support minority-owned businesses. MBDA Connects Minority-Owned Businesses to the Capital, Contracts and Markets They Need to Grow. When black companies do receive PPP loans, however, they often arrive much later than for white companies and are often substantially lower than what was offered to white companies.Supporting black companies trapped in systems that extract black wealth is like putting water in a bucket with a hole in which there is a hole. As political movements like Black Lives Matter gain traction across the country, it's important to remember that injustice goes far beyond the judicial system.We assume an expansion in the size of the economy in such a way that there are no gains in revenues or the size of black companies at the expense of non-black companies.