The State of Black-Owned Businesses in 2024

The numbers show progress, but there’s more to the story.

As 2024 comes to a close, Black-owned businesses are in a unique position—growing in influence and presence, yet still battling long-standing systemic challenges. The numbers show progress, but there’s more to the story.

Let’s dig into where things stand today and what’s shaping the future for Black entrepreneurs.

A Steady Climb:

In recent years, we’ve seen encouraging growth in Black-owned businesses. These businesses generated over $206 billion in revenue, showing a nearly 30% growth since 2017 (Brookings; USA Facts).

Industries like healthcare and social assistance have remained a key space for Black entrepreneurs, representing almost 28% of Black-owned employer firms. But there’s also growing representation in sectors like retail, tech, and creative services, which points to the broad expertise and entrepreneurial spirit within the Black community (USA Facts).

Funding Roadblocks:

For all the progress, access to funding remains a hurdle. A 2022 survey revealed that nearly half of Black business owners struggled to secure the capital they needed to start or grow their businesses (Expert Beacon).

Adding to the challenge, some corporations have scaled back grant and funding programs for Black and Hispanic entrepreneurs in light of recent political and legal shifts (Wall Street Journal).

These barriers are nothing new, but they serve as a reminder that progress isn’t always linear. Consistent effort is needed to break these cycles and ensure Black businesses have equal access to resources.

What You Can Do to Support Black-Owned Businesses:

Whether you’re a fellow entrepreneur, a consumer, or an ally, there are meaningful ways to contribute to the success of Black-owned businesses:

Shop Intentionally:  Support Black-owned businesses in your local community or online. Whether it’s a new restaurant, a boutique, or a service provider, every purchase makes a difference.

Amplify Their Voices: Share their stories, products, or services with your network on social media or through word of mouth. Visibility is key to growth.

Advocate for Equity: Push for changes in policies and programs that create fair funding opportunities for Black entrepreneurs.

Invest in Learning: If you’re a business owner, collaborate with Black-owned businesses or explore partnerships that amplify their strengths.

Looking Ahead

Black-owned businesses continue to be a driving force in their communities and beyond. Their success is a testament to resilience, creativity, and hard work. But as we celebrate the progress, we also need to keep advocating for the equity and opportunities these entrepreneurs deserve.

At LBoss Business Services, we’re committed to supporting entrepreneurs of all backgrounds, including those shaping the future of Black business. Whether it’s building innovative strategies or amplifying stories of success, every effort counts.

The work isn’t done, but together, we can create a brighter, more equitable future for Black businesses and their communities.