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In the United States, Black-owned businesses (or Black businesses), also known as African American businesses, originated in the days of slavery before 1865. Emancipation and civil rights permitted businessmen to operate inside the American legal structure starting in the Reconstruction Era (1863–77) and afterwards.
When the African National Congress (ANC) came to power in 1994, the new government's priorities included redressing apartheid's legacy of economic exclusion. Under apartheid, legislation and practice had restricted the access of non-Whites to job opportunities, capital, business and property ownership, and other forms of economic advancement, leaving vast racial inequalities in wealth and ...
Today, Black-owned businesses span a range of industries, with healthcare social assistance services being the most common. In 2021, Black-owned businesses provided jobs for around 1.4 million ...
Black entrepreneuralship has been traced back to Africa itself. University of Texas economic historian Juliet E. K. Walker has argued that the African elites who collaborated in the supply side of slavery lived in kingdoms where agriculture, construction, fishing, craft and merchant guilds were well established, and that the marketability of kidnapped Africans was also linked to their ...
In 2021, Black- or African-American-owned businesses brought in an estimated $183.3 billion in annual receipts, according to data from the U.S. Census Bureau.
The inequality in loaning extends past residential to commercial loans as well; Dan Immergluck writes that in 2002, small businesses in black neighborhoods received fewer loans, even after accounting for business density, business size, industrial mix, neighborhood income, and the credit quality of local businesses. [90]
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In 2002, African American-owned businesses accounted for 1.2 million of the US's 23 million businesses. [155] As of 2011, African American-owned businesses account for approximately 2 million US businesses. [156] Black-owned businesses experienced the largest growth in number of businesses among minorities from 2002 to 2011. [156]