Atlanta is known for many things. Now, thanks to new data, the city can brag about being a major hub for Black business.
According to a new report from financial platform Lending Tree, Atlanta had the highest percentage of Black-owned businesses at 7.4% across the 50 metros in the U.S.
In time for Black History Month, Lending Tree took a deeper look at racial disparities in business lending and other factors affecting entrepreneurs of color.
The report examined some of the contributors to Atlanta’s high concentration of Black-owned businesses compared to the rest of the nation’s metro areas.
Findings reveal that Atlanta also has the sixth-highest Black population among the 50 metros examined and that the Georgia metro has programs and initiatives to support Black-owned businesses, including the Atlanta Business League, which has been pivotal in offering important resources and support to Black entrepreneurs. The state also has 10 Historically Black Colleges and Universities (HBCUs).
Other interesting findings included: Portland, Ore., has the lowest rate of Black-owned businesses among the 50 metros with the most Black-owned businesses. and Just 0.9% of businesses in the metro are Black-owned, relative to a Black population of 2.8% — also the lowest among the 50 metros. Ahead of Portland are Bridgeport, Conn. (1.0%), and Tulsa, Okla., and San Diego (tied at 1.3%).
Also, the report found that more than 4 in 10 Black-owned businesses are in the health care and social assistance or professional, scientific, and technical services industries and 41.4% of Black-owned businesses are in one of these two industries.