We are constantly talking about entrepreneurship and business development inside the UI Family. Many understand there is a strong need for us to open our own businesses, hire our community and support these endeavors with our spending dollars.

One segment of the black community is paying attention, women. Black women are moving into the entrepreneurial sector with a vengeance and we love to see it. Black women have made everything else in this country and community work, why not move into the business sector?

Since 1997, the number of African-American woman-owned businesses has skyrocketed by more than 250 percent. Today there is estimated to be more than 1.1 million Black woman-owned businesses in existence, with an estimated $44.9 billion in revenue for 2013, according to a report commissioned by American Express OPEN, which analyzed Census data.

“While firms owned by women of color are smaller than non-minority women-owned businesses both in terms of average employment and revenues, their growth in number and economic clout is generally far outpacing that of all women-owned firms,” the report explains.

“Women of color haven’t had as much access to mobility in the corporate world. Even though there’s this sense that diversity is important you just haven’t seen it reflected,” says Farah Ahmad, policy analyst at the Center for American Progress. “There’s this urge for businesswomen of color to start their own businesses and have professional and career success in that way.”

Source: http://www.indianapolisrecorder.com/news/article_2c26028a-6680-11e3-ac32-001a4bcf887a.html

This is great news and we are looking forward to see much more of this in the future. Black women have a unique experience in this world. It is a great opportunity for them to share their insight and experience with the world in the form of businesses they create and bring to the market.

However, all the success isn’t without much of the same struggles any black business owner faces. The banking industry is not lending money to black entrepreneurs and businesses at the same pace they are with their white counter parts. This is one of the reasons it is our hope these new black entrepreneurs are doing their banking with the black banks in the community.

If we support our black banks in the community, they would have the assets and money to lend back to the community at reasonable rates. Then our businesses would stand a better opportunity to grow past the mom and pop stages to really scale the businesses into something special.

Nevertheless, black women entrepreneurs are putting their business skills where their mouths are and opening businesses.

Black women entrepreneurs, we salute you!