Dear Members, Partners, and Friends,
As we embrace Women’s History Month, it’s a time of reflection and celebration at the U.S. Black Chambers, Inc. (USBC). Our commitment to elevating the remarkable achievements of women, especially Black women entrepreneurs and advocates, goes beyond the confines of March. It’s a year-long mission that drives us toward a more equitable, diverse, and inclusive future.
This year, under the powerful theme “Women Who Advocate for Equity, Diversity, and Inclusion,” we are reminded of the vital role that Black women play not only in business but in the advancement of society as a whole. Their unparalleled contributions continue to reshape the entrepreneurial landscape and set new benchmarks for advocacy and leadership.
Our excitement builds as we prepare for the GBC InnovateHER Summit on March 13th at the Greenwood Women’s Business Center in Tulsa, OK. This summit is more than an event; it’s a testament to our dedication to creating spaces where women’s entrepreneurial spirit is nurtured, celebrated, and propelled forward.
Equally significant is our USBC Women of Power ‘Power 50’ Luncheon on March 21st at the Salamander Hotel in Washington, DC. Here, we honor 50 Black women whose contributions as entrepreneurs, trailblazers, advocates, and visionaries are not only transformative but also serve as a beacon of hope and inspiration for all.
The “Power 50” list is not just an accolade; it’s a recognition of the formidable strength, resilience, and innovation that Black women contribute to our communities and the broader business world. These women are not merely part of history; they are actively shaping a more inclusive and equitable future for everyone.
However, the journey of Black women entrepreneurs is fraught with challenges, from limited access to capital to systemic barriers that hinder their progress. Despite these obstacles, their resilience and ingenuity shine brightly, demonstrating what can be achieved against the odds.
Findings from the 2024 Wells Fargo Impact of Women-Owned Business Report revealed that:
- Despite financial challenges, Black women drove business formation during the pandemic. Their businesses grew to nearly 2.1 million, representing about 15% of all women-owned businesses. Black women’s businesses were the only women’s demographic with a greater-than-majority share of businesses owned (52.1%) than their male peers. They employed 528,000 people and had a combined $98.3 billion in revenue.
- Black women’s businesses rebounded better than during the financial crisis in 2008. Their revenues rose nearly 33% to $47,300 in 2023, compared to all women-owned businesses’ 11.2% rise to $192,600. Black women-owned firms were likelier to be in industries like restaurants and retail, businesses hit harder by pandemic lockdowns. Being smaller and less profitable, Black women proprietors had fewer financial resources to rely on.
- Black female entrepreneurs grew revenue by nearly 50%, versus around 26% for all women-owned firms and about 24% for Black men-owned businesses. The number of Black women’s businesses rose about 13%, just under all women’s firms and a tad higher than businesses owned by Black men.
- Businesses in 2023 owned by white men generated nearly 16 times ($754,000) in revenue than the average revenue of Black women businesses. Interestingly, the report showed that if Black women-owned businesses could reach that revenue level, they would add an extra $1.5 trillion in revenue to the nation’s economy.
The narrative of Black women-owned businesses is a call to action. Their success underscores the importance of our collective support for a diverse and inclusive economy. It’s a reminder of the pivotal role these businesses play in generating wealth, creating jobs, and fostering community development.
As we celebrate Women’s History Month, let’s also pledge to extend our advocacy, support, and recognition of Black women’s achievements beyond March. Every day presents an opportunity to champion the cause of equity, diversity, and belonging.
Together, let’s commit to building a future where the success of Black women entrepreneurs is not an exception but a norm. A future where their achievements are celebrated universally, and their challenges met with unwavering support and solidarity.
Thank you for joining us in this important work. Here’s to a future that honors and uplifts the contributions of Black women not just this month, but every month.
In the spirit of success,
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