According to the “2015 State of Women-Owned Businesses Report” commissioned by American Express Open, the number of business owned by Black women has increased 322% since 1997.
Women-owned businesses have increased 74% between 1997 and 2015, a rate 1.5 times higher than the national average. 30% of all businesses in the U.S. are owned by women. Black women own 14% of these business, accounting for an estimated 1.3 million firms.
Margot Dorfman, CEO of the U.S. Women’s Chamber of Commerce isn't surprised by these new numbers. She says:
“We attribute the growth in women-owned firms to the lack of fair pay, fair promotion, and family-friendly policies found in corporate America. Women of color, when you look at the statistics, are impacted more significantly by all of the negative factors that women face. It’s not surprising that they have chosen to invest in themselves.”The report found that Black women currently own more business than the total number of business owned by all minority women in 1997.
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