AEE Releases 2024 State of Black Business Report

WASHINGTON, DC—Today, the Alliance for Entrepreneurial Equity (AEE) released a new report on the state of Black businesses in America. This new, comprehensive analysis draws upon data from the Federal Reserve, US Census Bureau, and other sources to explore the economic landscape for Black businessowners with at least two employees. The 12 key findings show persistent challenges and opportunities for progress as Black-owned businesses compete for capital, market access, and resources.

“Business ownership directly leads to economic empowerment and wealth creation, but far too many Black entrepreneurs continue to struggle with systemic barriers that make it difficult to be successful,” National Urban League President and CEO Marc H. Morial said. “Despite the challenges, Black entrepreneurship is growing at the fastest pace in 30 years. It is essential to recognize the resilience and innovation of Black-owned businesses but also realize how far as a nation we must still go to ensure Black entrepreneurs have equal opportunity to start and scale their ventures.”

“In light of recent legal challenges focusing on programs that provide business support to marginalized communities, we looked at publicly-available data from various sources and found broad disparities in entrepreneurship,” said Imani Augustus, Director of AEE. “Black-owned businesses are seeing year over year growth, but there are still wide divides across numerous metrics, from revenue and debt to business size and market access. With these insights, policymakers will be armed with the information necessary to deliver additional support and resources to Black entrepreneurs and other underserved communities.”

AEE is a joint venture between the National Urban League and the think tank Third Way aimed at dramatically increasing the opportunity for minority, female, and other disadvantaged entrepreneurs to start and expand successful businesses. The State of Black Business provides dozens of insights on Black businessowners to help experts, advocates, and policymakers better understand the realities they face. There is valuable information that can be used to develop targeted strategies and initiatives aimed at reversing systemic barriers and fostering a more equitable entrepreneurial ecosystem.

Read the full report: The State of Black Business