According to the Minority 2018 Small Business Trends survey, the number of black-owned small businesses in the U.S. increased by a staggering 400% in a year-over-year time period from 2017 to 2018.
The new survey, which was conducted by Guidant Financial and LendingClub, interviewed more than 2,600 business owners and aspiring entrepreneurs. It found that 45% of all small business in the country were owned by minority ethnic groups in 2018. This is a dramatic uptick from 2015 when the total percentage of minority business owners was 15%. The largest minority group of respondents were African American at 19%, followed by Hispanic at 14%, Asian at 8%, and Native American at 4%.
Of the African American small business owners surveyed, 63% identified as men and 38% as women. Most fell between the ages of 40 to 49 with 28%, while 25% were between 50 and 59 years old, and 22% are 30 to 39. The research also showed that the highest volume of African American entrepreneurs lives in Texas, followed by Georgia, California, Florida, and North Carolina.
[more at blackenterprise.com]