The New Golden Era: A Resurgence of Black Businesses
Did you know that the era of 1900-1930 is referred to as the Golden Age of Black Business?
It was during this time in the south that black communities came together to create businesses and other entrepreneurial ventures. The National Negro League of Business shares that black businesses doubled from 20,000 in 1914 to 40,000 in 1920.
Today, there is another notable resurgence of increasing number of black owned businesses in America and black women leading the charge.
The United States Census Bureau records over 2 million black owned businesses in 2018 and the State of Women Owned Business Report says black women make up 20% of all women owned businesses and represents the highest growth rate of any minority owned businesses.
However, even with the growth of black business, in recent years there is still some room for improvement. BlackBusiness.com records that African Americans make up 13% of the U.S. population but only own 7% of the businesses. In addition, within the number of black owned businesses only 107,000 of those have paid employees.