Black businesses have long been an important part of our communities, creating opportunities, building connections, and transforming ideas into impact. From neighborhood storefronts and family-owned businesses to growing brands and global companies, Black entrepreneurs continue to innovate and build businesses that reflect the needs and experiences of their communities. According to the Entrepreneurship in the Population (EPOP) Survey Project, Black-owned businesses contribute more than $207 billion to the national economy. This economic impact highlights the strength and influence of Black entrepreneurship.
National Black Business Month offers an opportunity to celebrate the entrepreneurs behind these businesses and recognize the resilience, creativity and determination it takes to build something meaningful. Supporting Black-owned businesses can take many forms, from shopping with a Black-owned brand or visiting a local restaurant to recommending a business, sharing an entrepreneur’s work or leaving a positive review. These simple actions can help businesses gain visibility, reach new customers and continue growing.
Fastest Growing Demographic
Black women are driving entrepreneurial growth. In 2020, the number of Black women-owned businesses grew by 20.2%, outpacing the overall growth of Black-owned businesses at 14.3% and women-owned businesses at 3.1%. This trend highlights the crucial role that Black women play in the entrepreneurial landscape.
As we celebrate National Black Business Month, let’s remember that supporting Black businesses should extend beyond August. Black entrepreneurs are creating jobs, opening doors, providing innovative products and services and building legacies for generations to come. When we invest in Black businesses, we invest in opportunity, innovation, and stronger communities.
Sources: NORC at the University of Chicago’s Entrepreneurship in the Population (EPOP) Survey Project, 2025 Black Business Ownership Fact Sheet. Department of Small and Local Business Development.
