Saturday, April 25, 2009

The Truth About Black Businesses

Here are some hardcore facts as featured in a report called Minorities in Business: A Demographic Review of Minority Business Ownership published by the U.S. Small Business Administration:

1) 5% of all U.S. firms are owned by an African American. That's nearly 1.2 million Black-owned businesses.

2) In 2002, more than half of Black-owned businesses had less than $10,000 in annual business receipts, compared with one-third of White-owned firms and 28.8 percent of Asian-owned firms.

3) Black-owned firms had the highest growth rate for several measures between 1997 and 2002, including revenue generated which rose 25 percent to $88.8 billion.

4) In 2002, New York had the greatest number of black-owned firms with 129,324, followed by California (112,873), Florida (102,079), Georgia (90,461) and Texas (88,769).

5) There were 973 black-owned firms with 100 employees or more in 2002, compared to 889 in 1997, up 9 percent. These firms generated $16 billion in gross receipts, an increase of 31 percent since 1997.

6) In 2002, 20.5 percent of Black-owned firms were in health care and social assistance.

7) About 8 percent of Black-owned firms employed more than 756,000 people.

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