Wow! African American Small Business Ownership Up 400% in a Year, Survey Reveals
smallbiztrends | August 09, 2018
The number of African American small business owners in the United States has increased by a staggering 400% in just a year. This was the finding of a survey from the small business financing company, Guidant Financial. The State of a Small Business survey interviewed more than 2,600 small business owners and entrepreneurs, both male and female. The survey found that in 2018, 45% of small business owners were minority ethnic groups. This was already a dramatic increase from 2015, when the amount of minority business owners was just 15%. The biggest increase among minority small business owners however has been the huge increase in the number of African American small business owners year over year 400% increase in a year-over-year period between 20017 and 2018. Following African Americans, Hispanics were the next largest group of minority small business owners representing 14% of the business owners interviewed for the survey. Meanwhile, Asians made up 8% of the business owners surveyed while Native Americans made up 4%.