News Summary
North Carolina has achieved a significant milestone by ranking third in the nation for Black-owned businesses, as reported by B2B Reviews. The state has a thriving entrepreneurial environment, with a success rate of 60.7% and impressive growth of 17% among Black-owned businesses from 2023 to 2024. Nearly 16% of all businesses in North Carolina are Black-owned, contributing to the local economy. The report highlights the increased access to funding and the importance of these businesses in promoting inclusivity and economic participation among minority groups.
North Carolina has earned a notable distinction by ranking third in the nation for Black-owned businesses in 2025, according to a recent analysis by B2B Reviews. The state follows behind Georgia and Delaware in this ranking, showcasing the growing entrepreneurial landscape for Black business owners.
The report indicates that North Carolina boasts a successful business rate of 60.7%, surpassing the national average of 56.1%. This indicates a thriving environment for entrepreneurship within the state, particularly for Black entrepreneurs. Between 2023 and 2024, Black-owned businesses in North Carolina saw a remarkable growth of 17%, signifying a robust trend in the establishment and expansion of these businesses.
In terms of numbers, North Carolina ranks tenth nationally for the total number of Black businesses, where nearly 16% of all businesses in the state are identified as Black-owned. This figure places the state well within the top tier of states fostering Black entrepreneurship. Additionally, the annual payroll from Black-owned businesses in North Carolina is reported to be the tenth-highest in the country, reflecting substantial contributions to the state’s economy.
Financial support for Black-owned businesses has also seen improvements. In 2025, these businesses received 3.21% of all Small Business Administration (SBA) loan approvals, showcasing an increase in access to funding opportunities that are crucial for growth and sustainability.
When looking at socioeconomic indicators, data shows that Black households in North Carolina earn about 72% of the overall median income in the state, which is slightly above the national average of 70%. This income statistic underscores the economic engagement of Black families in the state and highlights the potential for continued investment in Black-led enterprises.
In comparison, South Carolina, which ranks fourth in the nation for Black-owned businesses, has 19.46% of its small businesses identified as Black-owned. This percentage places South Carolina’s representation of Black entrepreneurship among the top seven states in the nation, demonstrating a regional commitment to promoting inclusivity within the business sector.
The B2B Reviews report utilized eight key metrics to evaluate the business environment across all 50 states and the District of Columbia, emphasizing the significance of Black-owned businesses when it comes to job creation, wealth distribution, and overall inclusivity in the market.
Historically, the rise in Black-owned businesses in North Carolina reflects broader trends in democratic engagement and economic participation among minority groups in the state. As these businesses continue to grow, their impact on the local community and overall economy is expected to be substantial. The support seen from various sectors indicates a strengthened commitment to nurturing Black entrepreneurship within the state.
In conclusion, North Carolina’s achievement of ranking third in the nation for Black-owned businesses is indicative of a flourishing entrepreneurial ecosystem. With higher success rates, robust growth, and significant contributions to the state’s median income and payroll, the state stands poised to make further advancements in promoting equity and opportunity for Black business owners in the coming years. As these businesses thrive, they play a pivotal role in shaping the workforce and economic landscape of North Carolina, fostering a more inclusive environment for future generations.
Deeper Dive: News & Info About This Topic
- ABC11
- Wikipedia: Black-owned businesses in the United States
- WSOC TV
- Google Search: Black owned businesses North Carolina
- WCNC
- Google Scholar: Black entrepreneurship North Carolina
- QC News
- Encyclopedia Britannica: Entrepreneurship
- WBTV
- Google News: North Carolina Black owned businesses
Author: STAFF HERE FLORENCE WRITER
FLORENCE STAFF WRITER The FLORENCE STAFF WRITER represents the experienced team at HEREFlorence.com, your go-to source for actionable local news and information in Florence, Florence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Florence Festival of Lights, Pee Dee Pride, and agricultural expos at the Florence Center. Our coverage extends to key organizations like the Florence Regional Chamber of Commerce and the Pee Dee Area Council of Governments, plus leading businesses in healthcare and retail that power the local economy such as McLeod Health and Pee Dee Electric Cooperative. As part of the broader HERE network, including HERECharleston.com, HEREColumbia.com, HEREGreenville.com, and HEREHiltonHead.com, we provide comprehensive, credible insights into South Carolina's dynamic landscape.
