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African-American Small Business Owners Younger, Happier, and 65% More Likely to be Women


African-American small business (SMB) owners are happier, younger, and more female-led than the average of SMB owners surveyed. They’re also showing increased confidence in the state of small business moving into 2019, according to a survey from SMB financing company Guidant Financial and leading online credit marketplace LendingClub Corporation (NYSE: LC).

Photo Credit: Jose Luis Pelaez Inc

The 2019 Small Business Trends surveyed more than 2,700 current and aspiring owners nationwide. The 2019 Small Business Trends report gathers findings about the current state of African-American small business ownership in the United States.

Key findings include:

  • Thirty-eight percent of African-American small business owners are women — a big distinction from the average small business owner, of whom only 23 percent are female.

  • Fifty-six percent of African-American small business owners rated their happiness at nine or 10 on the rating scale (10 being the happiest), 6 percent more than the average small business owner.

  • African-American small business owners had an increase in confidence in the state of small business with a 9 percent increase to 30 percent compared to last year’s survey results of 28 percent.