Black Women Entrepreneurs Generate $100B In Revenue Yet Still Have Issues Being Treated Equitably

The more things change, the more they stay the same.

Black women are continuing to dominate the entrepreneurial ecosystem, but have yet to get the support they deserve.

Or at least that what Wells Fargo’s 2024 Impact of Women-Owned Business Report suggests. The 38-page analysis shows that women-owned businesses across all sectors between 2019 and 2023 laps men-owned businesses by nearly twice the rate. What’s more, Black women’s businesses were the only women’s sector with a greater-than-majority share of businesses owned (52.1%) than Black males, and bring in a share of nearly $100B in revenue. Black women owned businesses also jumped to 2.1 million, making up about 15% of all women-owned businesses.

The report also dove into Black women’s resilience.

During the financial crisis of 2008, Black women’s businesses bounced back impressively. Just three years removed from the height of the pandemic, revenues increased nearly 33% to $47,300 in 2023, compared to all women-owned businesses’ 11.2% jump to $192,600. But for their fair share of winsome accolades, Black women-owned businesses still are under-supported and underfunded. For instance, Crunchbase reported last year that Black entrepreneurs typically receive less than 2% of all VC dollars each year and Black women receive less than 1%.

“Capital is the fuel to start and grow businesses,” Wells Fargo’s report states. “Having less of their own and less family money makes it harder for Black/African American women to bootstrap their businesses. Certification as women-owned businesses opens doors to business development opportunities and is a growth strategy for Black/African American women. Many local, state, and federal government agencies and corporations have supplier diversity programs. These organizations may do outreach alerting entrepreneurs when requests for proposals (RFPs) are available. The certifying organizations often provide matchmaking services, mentorship, training, and networking opportunities, which help increase the visibility of women-owned businesses.”