Black Women-Owned Businesses Are Generating Billions In Revenue

young black woman arranging fresh flowers
Alyssa Guzik
March 25, 2024

The trend of Black female entrepreneurs dominating the small business landscape continues. According to a new report from Wells Fargo, Black female entrepreneurs are generating over $100 billion in annual revenue, despite being at a severe disadvantage.

Between 2019 and 2023, Black female business growth jumped to nearly 15% of all women-owned businesses. This bodes well for the economy as well as the Black community. However, Black female entrepreneurs still face substantial hurdles.

Looking at the breakdown of economic help given to small businesses, Black women-owned companies receive less than 2% of all venture capital funding. Venture capital investment isn’t only about investment capital; it also offers a slew of other benefits.

Venture capitalists have the ability to provide entrepreneurs financing, networking opportunities and strategic guidance, all of which can be beneficial to Black women as ways to boost the success of their business.

Despite the undeniable success and economic impact of Black women entrepreneurs, it remains a stark reality that they face significant challenges in accessing the necessary resources to sustain and grow their businesses. Still, they are able to generate success and significantly contribute to the larger economy.

We have a quick favor to ask:

PushBlack Finance is a nonprofit dedicated to raising up Black voices. We are a small team but we have an outsized impact:

  • We reach tens of millions of people with our BLACK FINANCIAL NEWS & ECONOMIC EMPOWERMENT STORIES every year.
  • We fight for ECONOMIC JUSTICE to protect our community.
  • We run VOTING CAMPAIGNS that reach over 10 million African-Americans across the country.

And as a nonprofit, we rely on small donations from subscribers like you.

With as little as $5 a month, you can help PushBlack raise up Black voices. It only takes a minute, so will you please ?

Share This Article: