Black Women in Business: Growth, Grit, and the Road Ahead

Black women are showing up and showing out in the world of business. Against all odds, they’re launching companies, creating jobs, and driving billions into the U.S. economy. But here’s the truth: while the numbers are impressive, they tell a story that’s both inspiring and unfinished.

A Snapshot of What’s Happening

Think about this: Black women across the country now own more than 2 million businesses. Together, they’re employing nearly 650,000 people and generating over $118 billion in revenue each year. That’s not pocket change—that’s real impact.

And the growth? From 2019 to 2024, revenues soared by more than 80%, and the number of Black women-owned employer firms—those with staff—grew by over 50%. Employer firms may only make up about 3.6% of all Black women-owned businesses, but they’re pulling in $74 billion annually.

The majority, though, are still “solopreneurs.” These non-employer firms are the heart of hustle culture—side gigs, creative ventures, and service businesses. They’re growing too, but their average revenue (about $22,900 a year) lags behind other women-owned firms.

Why It Matters

This is bigger than stats. When Black women own businesses, they’re doing more than just paying themselves—they’re building wealth, reinvesting in communities, and inspiring the next generation.

• Jobs with impact: Employer firms are offering stable W-2 jobs, helping close unemployment gaps.

• Role models: Every Black woman CEO, stylist, consultant, baker, or tech founder shows young women that leadership is possible.

• Community power: Local Black women-owned shops, services, and organizations keep dollars circulating right where they’re needed most.

• Innovation: Black women are ahead of the curve. Studies show they’re more likely to adopt new tools like AI to grow their businesses—even with fewer resources.

Here’s the kicker: if revenue gaps were closed—if Black women-owned firms earned on par with others—they could add up to $1.8 trillion to the U.S. economy every year.

The Barriers Still Standing

Of course, we can’t ignore the challenges:

• Capital is harder to get. Black women are more likely to be denied loans or offered worse terms, even with strong credit.

• Most businesses are still small. Nearly all are one-woman shows, which makes scaling tough.

• Support is uneven. The surge of pandemic-era programs that boosted growth has slowed, leaving gaps.

• Systemic issues linger: Pay gaps, wealth gaps, and caregiving responsibilities all make it harder for Black women to grow businesses at the same pace as others.

The Bottom Line

Black women entrepreneurs are doing more with less—and still thriving. They’re driving growth, culture, and community impact. But we know they could do so much more if the playing field was level.

Become a Lifter -- With an annual contribution, you’ll help Michigan Black women entrepreneurs access the funding and support needed to thrive. As a Lifter, you’re not just giving—you’re empowering the future of our community.

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Sources: Wells Fargo (2025), Brookings (2024), Pew Research Center (2023), SBA (2022).