Richmond a leader in Black business ownership

Illustration: Brendan Lynch/Axios

Richmond has one of the highest rates of Black-owned businesses in the nation.

What’s happening: Roughly 6.7% of businesses in the Richmond area are Black-owned, tying it with Atlanta for third-highest percentage of Black-owned businesses in the country, according to Lending Tree, which analyzed data from 2019.

Fayetteville, North Carolina, comes in first with more than 11%, followed by D.C.

Nationwide, the rate is 2% for companies that have employees, according to a 2022 Alliance for Entrepreneurial Equity study.

Yes, but: Neither rate is proportional to the Black population, which is 13% nationwide and 28% in metro Richmond.

Why it matters: 80% of Black-owned businesses fail within the first 18 months, per the Alliance, so we want to give them some attention in honor of Black History Month.

What are your favorite Black-owned businesses in town? Let us know so we can…

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