Despite 70% of Americans viewing the national economy as weak, U.S. businesses are experiencing significant growth. In the past year, nearly 5.5 million Americans applied to start a business, a trend that signals a bright spot for economic independence and innovation.
According to the U.S. Chamber of Commerce, there has been a surge in black women entrepreneurs, with business owners like baker Melanie Lewis and tech guru Shondra Collins symbolizing a shift toward self-reliance, economic independence and community development.
This entrepreneurial trend transcends specific sectors, impacting industries such as technology, healthcare, hospitality, and retail. Growth is expected to continue in 2025, especially among women of color. These entrepreneurs are founding companies at record rates, founding growth-oriented companies that are creating jobs and inspiring change.
Entrepreneurs like Lewis have big plans for their businesses. For example, Lewis wants to expand his business, Perfect Piece Sweets Co., into the retail market and even start his own bakery.
Driving economic growth: Black women entrepreneurs.
This commitment to expansion demonstrates a desire to increase visibility and reputation through unique products and services.
Yet despite this promising growth, Black entrepreneurs face significant structural barriers. A GoDaddy report found that Black women-led businesses have increased by 70% since the pandemic began, yet Federal Reserve statistics show that Black women are twice as likely to have their loan applications rejected as white people. Only 10% of small business loans go to ethnic minorities, highlighting serious disparities within the business sector.
Organizations like the Metropolitan Economic Development Association (MEDA) are looking to address these challenges. The association helps minority-owned businesses obtain loans and grants, as well as providing business counseling and technical assistance. Successful businesses like Pimento Jamaican Kitchen and Breaking Bread Cafe and Catering owe their success to MEDA's support.
Despite the structural bias in the U.S. banking industry, Black entrepreneurs continue to persevere. Entrepreneurs like Tom Beavis, owner of Pimento Jamaican Kitchen, are committed to turning their entrepreneurial vision into a reality despite the obstacles. New York City Health Commissioner Oxiris Barbot has said entrepreneurship is a path to economic independence and generational wealth creation. Despite racial bias and economic adversity, these trailblazers are using entrepreneurship to create positive change in society.
