National Growth:

  • Black-owned businesses increased by 56.9% from 124,004 (2017) to 194,585 (2022).
  • Gross revenue grew by 66%, rising from $127.9B (2017) to $211.8B (2022).
  • Black household business ownership doubled from 5% to 11% (2019-2022).
  • Employment impact: Black-owned firms employed 1.32M people (2020) and added 48,549 new jobs with $1.7B in payroll.

Illinois-Specific Growth:

  • 30.8% of Black-owned firms have operated for 10+ years, showcasing stability.
  • 37.8% have been in business 3-9 years, reflecting growth.
  • 11% of Illinois businesses are Black-owned, but only 2% are employer firms.

Top Industries in Illinois:

  1. Professional Services (12.22%)
  2. Food & Restaurant (10.75%)
  3. Education & Social Services (9.72%)
  4. Retail (8.98%)
  5. Personal Services (6.77%)
  6. Arts & Entertainment (6.33%)

Challenges & Opportunities:

  • Only 3% of U.S. firms are Black-owned, despite Black Americans comprising 14% of the population.
  • Optimism: Over 70% of Black small business owners are optimistic about their industry’s future.
  • Hiring Plans: 71% plan full-time hires, and 55% expect part-time hires by 2025.
  • Access to capital: More Black entrepreneurs are leveraging credit lines, online loans, and venture capital.