At the risk of showing my age here, do you remember the song “Sisters Are Doin’ It For Themselves”, a collaboration between Aretha Franklin and Annie Lennox? The song was focused on “Sisters” meaning all women, but I”m talking about “Sistas” a collection of black women. Recall that one of the goals of this site is to show positive images of black women. I want to educate this community on the things that are challenges for us, but also what are victories for us.
If you read the blog post that started this all with the shocking statistic that median net work for single black women is $100. One of the possible reasons for this is that black women have less access to loans to start their own businesses and rely on credit cards or their retirement funds. Black women had much less access to start-up loans versus their black and white male counterparts.
USA Today in 2006 noted an increasing trend of black women starting their own businesses. This was confirmed by the Small Business Administration (SBA) that black women drove most of the growth of black entrepreneurship. In 2002 black women owned about 547k businesses which was up 75% from five years before.
Fast forward to today. Black women are making huge strides educationally and professionally. The Journal of Blacks in Higher Education 60% of black college graduates are women and make up 71% of the blacks in graduate school. The opportunities for education are growing…you can add school loans to the list of reasons for less wealth. This trend in educational may contribute to the statistic that black women owned almost 100k business in 2012 according to the National Business Women’s Business Council. By the way these businesses are generating ~$37B in total receipts. That is nothing to sneeze at.
The South has the highest representation (17.2%) followed by the Midwest and Northeast (both 11.1%),and the West (4.4%). The states with the largest number of African American women-owned businesses are: New York (98,877), Georgia (88,920), and Florida (86,001). The industries these business represent may surprise you: 32.3% in health care and social assistance, 23% in other services and 9.8% administrative/waste management and remediation services.
These statistics are something to celebrate and continue. The new black chick is all about generating wealth for herself and her family. Remember wealth is having more assets than debt AND passing it from generation to the next. Beyonce had it right when she said “we’re SMART enough to make these MILLIONS; strong enough to the bear the children then get back to business”.
I’m just keeping it new.