The headline numbers
The Census Annual Business Survey (ABS) — the most authoritative source on minority business ownership — counts about 161,031 Black-owned employer firms in the US as of the most recent vintage. These firms collectively employ 1.5 million people and generate around $206 billion in annual receipts.
Black-owned employer firms have grown 43% since 2019, the fastest growth rate of any racial group tracked by Census. That growth is concentrated in professional services, healthcare, and personal services.
Where the firms are
Black-owned firms concentrate in metros with large Black populations: Atlanta, DC, NYC, Houston, and Chicago account for over 30% of all firms. Atlanta alone is home to about 9% of all Black-owned employer firms.
- Atlanta metro — ~14,500 firms
- NYC metro — ~12,400 firms
- DC metro — ~11,200 firms
- Houston metro — ~8,900 firms
- Chicago metro — ~6,300 firms
The persistent gap
Despite the growth, structural gaps remain. Median revenue for Black-owned firms is about 58% lower than white-owned firms of the same size and industry. Bank loan denial rates are roughly 2.3x higher even after controlling for credit score, per Fed Small Business Credit Survey data.
Capital access is the most-cited constraint: only ~13% of Black-owned firms successfully secured a bank loan in the last year, vs ~26% of white-owned firms.