The Shadow
During Black History Month, the U.S. Census Bureau’s Annual Business Survey (ABS) has released its report that shows an eight percent increase in Black-owned businesses from 2017-2019.
According to the U.S. government’s statistics, there are 134,567 Black-owned businesses that employee 1.3 million workers that create a combined payroll of $40.5 billion from the annual sales of $133.7 billion
More good news for Black women who are entrepreneurs is that they represent the fastest-growing group of minorities.
According to the most recent Business Foundation’s statistics, 5.4 million Americans, a record number, applied for business ID numbers in 2021. That is according to the U.S. Department of Commerce (DOC), the parent agency of the U.S. Census Bureau.
DOC provides resources to small and minority-owned businesses.
The Minority Business Development Agency (MBDA) has helped boost the number of businesses owned by women via its “Women of Color Initiative,” and MBDA has established business centers across the nation to help minority populations expand.
Workers at the centers assist small business owners and minority business owners in identifying strategic partners that can help them expand their businesses in order to become export ready.
MBDA offers small business owners and minority business owners a series of data webinars titled “Small and Minority Owned Businesses.”
Also, MBDA provides free training workshops on how to access key economic tools that can help business owners grow their businesses.
The centers aim to provide assistance to small businesses and minority-owned businesses by sharing facts for supporting Black History Month as well.
The three leading groups of employers who own businesses that pay employees are White business owners, 70.8 percent; Hispanic, 14.4 percent; and Asian, 6.2 percent).
Statistics for 2020 show that 20.9 percent of businesses are owned by women, up from 18.7 percent in 2019.
