Report: Black-Owned Businesses Have Jumped 22 Percent Year Over Year In US. But Significant Challenges Remain…

By Francisco Xavier\Lending Tree

Photos: YouTube Screenshots\Wikimedia Commons

February is Black History Month, which raises awareness of the inequalities Black Americans face. And while new data shows that the percentage of Black-owned businesses is up 22.2% year over year, Black entrepreneurs still face significant hurdles, including representation. 
In it’s third annual analysis of Census data, LendingTree researchers found that only 3.3% of businesses in the U.S. were Black-owned. Here’s what else we found:

  • A significant 39.1% of Black-owned businesses across the U.S. are run by women — far higher than the 22.3% of all businesses run by women.
  • For the third year in a row, Atlanta remains the hub for Black-owned businesses. 11.3% of Atlanta businesses were Black-owned in 2022 — a significant jump from 8.8% in 2021.
  • Western metros have the lowest rate of Black-owned businesses. Salt Lake City, San Jose, Calif., and North Port, Fla., are at the bottom, at 0.8%, 1.0% and 1.3%, respectively.

You can check out the full report.

As LendingTree chief credit analyst and small biz expert Matt Schulz points out:

“Black History Month is a celebration of resilience, innovation, and the vital role Black Americans play in our nation’s economy. But it’s also a reminder of the inequalities that remain—particularly in business ownership, where access to capital and systemic barriers continue to pose significant challenges. Awareness is key to creating meaningful change.”

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