February 2026 marks a historic milestone. It has been 100 years since the first national observance of Black history, launched in 1926 by historian Carter G. Woodson through the Association for the Study of African American Life and History, the organization that continues to steward Black History Month today. This centennial moment offers a powerful opportunity to reflect not only on cultural and civic contributions, but also on the enduring and expanding role of Black entrepreneurship in the American economy.
Over the past century, Black business owners have built enterprises in the face of systemic barriers, limited access to capital, and uneven economic opportunity. Today, the most current data show measurable progress, even as important challenges remain.
Black Business Ownership Today
The most recent national data from the U.S. Census Bureau offer a clear and timely picture of the scale and impact of Black entrepreneurship today.
In its November 20, 2025 release on business owner characteristics, drawing on the 2024 Annual Business Survey to report owner demographics for 2023, the Census Bureau reports that there were approximately 201,000 Black- or African American-owned employer businesses nationwide, generating $249 billion in annual receipts. These firms employ workers, support local economies, and play a meaningful role in job creation and economic stability.
At the same time, Black entrepreneurship is deeply rooted in sole proprietorship and small-scale enterprise. The same Census report shows that Black-owned non-employer businesses totaled about 4.4 million in 2023, producing $128.7 billion in receipts, highlighting the breadth and resilience of microbusinesses and independent operators across the country.
Taken together, these figures show that Black-owned businesses are contributing hundreds of billions of dollars in economic activity across industries and regions, reflecting both growth in ownership and the continued importance of entrepreneurship as a pathway to economic participation and community impact.
Entrepreneurship Trends and Recent Data
In addition to the Census data on business ownership, recent research shows that Black entrepreneurship remains active, even as the pace of new business formation has moderated from pandemic-era highs.
In Indicators of Entrepreneurial Activity: 2023, economist Robert Fairlie finds that the rate of new business formation among Black adults in 2023 remained higher than its 2019 level. The analysis tracks individuals entering entrepreneurship by starting a business and working at least 15 hours in it, providing a timely measure of business creation rather than long-term ownership or survival.
Other national data point to a similar pattern. Analysis from the Pew Research Center shows that Black-owned businesses increased in number and revenue between 2017 and 2022. Likewise, a 2024 SBA Office of Advocacy report notes that Black-owned firms employ more than one million workers and have contributed to recent job growth, while continuing to face gaps in scale and representation.
Taken together, these findings suggest that while the surge in entrepreneurship during the early pandemic years has eased, Black entrepreneurial activity has not reverted to pre-pandemic levels. Business formation, ownership, and job creation continue to reflect sustained engagement, alongside persistent structural challenges.
Persistent Barriers to Capital Access
Despite these gains, access to financing remains one of the most significant obstacles facing Black entrepreneurs.
Analysis of the Federal Reserve’s 2025 Firms in Focus: Chartbook on Firms by Race and Ethnicity of Ownership, based on the 2024 Small Business Credit Survey of employer firms, shows that Black-owned businesses are more likely than white-owned businesses to receive none of the financing they seek when applying for loans, lines of credit, or merchant cash advances. Across multiple credit products, a larger share of Black-owned employer firms report unsuccessful financing outcomes, while white-owned firms are more likely to receive at least some or all of the funding requested. These differences constrain the ability of Black-owned businesses to scale operations, invest in growth, and expand employment.
Barriers also appear before an application is ever submitted. The same survey shows that Black-owned firms are significantly more likely to be discouraged borrowers, meaning they did not apply for financing because they expected to be denied. In contrast, white-owned firms report much lower rates of discouragement. This pattern of anticipated denial helps explain why capital gaps persist even as business formation and entrepreneurial participation increase.
The Role of CDFIs, SBA Programs, and Mentorship
Progress in narrowing these gaps is being driven in large part by mission-based financial institutions and technical assistance networks.
Community Development Financial Institutions, certified through the Community Development Financial Institutions Fund within the U.S. Department of the Treasury, now number more than 1,400 nationwide. These institutions collectively manage hundreds of billions of dollars in assets and are specifically designed to serve entrepreneurs who may not fit traditional underwriting models.
On the advisory side, the U.S. Small Business Administration supports entrepreneurs through a national network of resource partners that provide counseling, training, and mentorship. Programs such as SCORE and Small Business Development Centers offer no-cost or low-cost guidance that helps business owners strengthen financial readiness, improve credit profiles, and position themselves for sustainable growth. In addition, AmPac provides the Entrepreneur Ecosystem, which helps business owners connect with trusted partners, access capital pathways, and navigate the practical steps required to move from preparation to long-term business stability.
Honoring Legacy While Building the Future
As we recognize 100 years of Black History Month, the story of Black entrepreneurship reflects resilience, innovation, and lasting community impact. From early 20th century business districts built during segregation to today’s expanding ecosystem of startups, professional services, and community-based enterprises, Black entrepreneurs have continually transformed opportunity into progress.
At AmPac, we believe economic inclusion is both a responsibility and a long-term investment to uplift families, strengthen communities, and advance entrepreneurial dreams. By supporting access to capital, technical assistance, and trusted partnerships, we remain committed to helping underrepresented entrepreneurs build businesses strengthen their communities and leave enduring legacies.
This centennial is not only a moment to reflect on how far Black entrepreneurship has come. It is a call to action for continued building of pathways that allow it to thrive for generations to come.