Businesses owned by women of color are a substantial economic force, according to the Center for Women's Business Research.
The findings showed strong growth. Between 2002 and 2008, the number of such firms increased by 32 percent, their revenues by a dramatic 48 percent, and their employment by 27 percent.
The Center estimates that as of 2008 there are 1.9 million firms owned by women of color, employing 1.2 million workers and bringing in $165 billion in revenues. Women of color comprise 26 percent of all women-owned firms.
By contrast, as of 2008, the center projects that the 10.1 million women-owned firms, that are 50 percent or more women owned, employ 13 million people and generate nearly $2 trillion in annual revenues. These firms represent 40 percent of all firms. Many women business owners of color have a double bottom line—they work to give back to their communities as well as for profits.