As we celebrate Black Business Month, it’s important to reflect on the significant contributions that Black-owned businesses make to our economy. These businesses not only drive innovation and growth, but they also play a vital role in fostering diversity and inclusion in the marketplace.
Here are some key statistics and insights that highlight the impact of Black-owned businesses in the United States, with a special focus on Ohio’s success stories.
Here are some key statistics and insights that highlight the impact of Black-owned businesses in the United States, with a special focus on Ohio’s success stories.
The Growth of Black-Owned Businesses
There are an estimated 3.7 million Black-owned businesses in the United States, representing 11.3% of all businesses. This figure is close to the 13% Black population percentage in the country. However, there is still a disparity when it comes to employer firms, which are more likely to be profitable and face fewer challenges in acquiring credit. Only 2.7% (161,422) of the U.S. employer firms are Black owned. Increasing this percentage is crucial to improving the success and sustainability of Black entrepreneurs.
From 2017 to 2020, the number of Black-owned businesses increased by 13.6%, reflecting the growing entrepreneurial spirit within the Black community. Despite this growth, 47% of Black business owners who apply for a loan are denied, highlighting the ongoing challenges in accessing capital.
RELATED ARTICLE: August is Black Business Month: What to Know
Ohio’s Leading Black-Owned Businesses
Ohio is home to some of the most successful Black-owned businesses in the country, with three of the top ten Black-owned businesses in the U.S. based in the state:
RELATED ARTICLE: Celebrating Black Business Month: Spotlight on the Toledo MBAC
The Importance of Supporting Black-Owned Businesses
The success stories of these Ohio-based companies demonstrate the potential for Black-owned businesses to thrive and contribute significantly to the economy. However, the challenges that Black entrepreneurs face, particularly in accessing capital and growing their businesses into employer firms, underscore the need for continued support and advocacy.
During Black Business Month, we encourage everyone to recognize the value that Black-owned businesses bring to our communities. By supporting these businesses, we help create more opportunities for growth, innovation, and economic empowerment within the Black community.
Moving Forward
As we celebrate Black Business Month, let’s not only acknowledge the achievements of Black entrepreneurs but also commit to supporting their continued success. Whether it’s through patronizing Black-owned businesses, advocating for equitable access to resources, or simply spreading the word about their contributions, every effort counts.
There are an estimated 3.7 million Black-owned businesses in the United States, representing 11.3% of all businesses. This figure is close to the 13% Black population percentage in the country. However, there is still a disparity when it comes to employer firms, which are more likely to be profitable and face fewer challenges in acquiring credit. Only 2.7% (161,422) of the U.S. employer firms are Black owned. Increasing this percentage is crucial to improving the success and sustainability of Black entrepreneurs.
From 2017 to 2020, the number of Black-owned businesses increased by 13.6%, reflecting the growing entrepreneurial spirit within the Black community. Despite this growth, 47% of Black business owners who apply for a loan are denied, highlighting the ongoing challenges in accessing capital.
RELATED ARTICLE: August is Black Business Month: What to Know
Ohio’s Leading Black-Owned Businesses
Ohio is home to some of the most successful Black-owned businesses in the country, with three of the top ten Black-owned businesses in the U.S. based in the state:
- Hightower Petroleum Co.: Founded by Milford Hightower in 1984 and based in Middletown, Ohio, Hightower Petroleum Co. is one of the largest minority-owned petroleum distributors in the United States, generating $450 million in annual revenue.
- The Anderson-DuBose Co.: Established in 1991 by Warren Anderson and Wendell DuBose, this food service distributor provides products to McDonald's restaurants across the country. Based in Lordstown, Ohio, the company boasts $703 million in annual revenue and is known for its exceptional customer service.
- Modular Assembly Innovations L.L.C.: Founded by Billy Vickers in 2003 and headquartered in Dublin, Ohio, this company specializes in modular assembly solutions for the automotive industry. With $1.12 billion in annual revenue, Modular Assembly Innovations is a shining example of Black entrepreneurial success.
RELATED ARTICLE: Celebrating Black Business Month: Spotlight on the Toledo MBAC
The Importance of Supporting Black-Owned Businesses
The success stories of these Ohio-based companies demonstrate the potential for Black-owned businesses to thrive and contribute significantly to the economy. However, the challenges that Black entrepreneurs face, particularly in accessing capital and growing their businesses into employer firms, underscore the need for continued support and advocacy.
During Black Business Month, we encourage everyone to recognize the value that Black-owned businesses bring to our communities. By supporting these businesses, we help create more opportunities for growth, innovation, and economic empowerment within the Black community.
Moving Forward
As we celebrate Black Business Month, let’s not only acknowledge the achievements of Black entrepreneurs but also commit to supporting their continued success. Whether it’s through patronizing Black-owned businesses, advocating for equitable access to resources, or simply spreading the word about their contributions, every effort counts.
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