African American Businesses

What is an African-American owned Business

An African-American owned business is a business where at least 51 percent or more of the ownership is by an individual or group of individuals who are African American and officially identify as African-American.

African Americans are people who are descended from the black racial groups of Africa, and they may also be referred to as Black Americans. African-American owned businesses may operate in any industry and may be large or small. The term is often used to specifically refer to businesses that are owned and operated by African Americans in order to highlight their contributions to the economy and to promote diversity in entrepreneurship.

According to the most recent U.S. Census Bureau’s Survey of Business Owners, there are approximately 2.6 million African-American owned businesses in the United States. These businesses represent about 9% of all businesses in the country and employ about 1.9 million people. The majority of these businesses are small, with fewer than 10 employees.