WASHINGTON – African-American women are creating their own businesses at a higher rate than other female entrepreneurs in the U.S., according to a recent report.
The 2015 State of Women-Owned Businesses Report, commissioned by American Express OPEN, found the number of businesses owned by black women has risen 322 percent in less than 20 years, compared with 40 percent growth in the number of businesses owned by women who are not minorities. Businesses owned by Asian-American and Latina women have grown by 195 percent and 224 percent, respectively.
One of the report’s objectives was to raise awareness of the growing diversity among female entrepreneurs. Magdalah Racine-Silva, president and CEO of DMS International – an IT services and leadership training firm in Silver Spring, Maryland – is part of this trend.
“The importance that women are playing right now is not something to be neglected. It is really something to be nourished … it’s something to be supported,” Silva said.
When examining the landscape of all female entrepreneurs, minority women-owned businesses are still smaller than their nonminority counterparts in terms of average employment and earnings, according to the report. However, when it comes to sheer growth and economic influence, these businesses are generally outpacing women-owned firms on the whole.
Overall, firms owned by minority women grew from less than 1 million in 1997 to more than 3 million in 2015.
