Black women are the fastest-rising demographic in American business

A new report is showing that black women mean business – literally.

Since 1997, the number of companies owned by African-American females shot up by 322 percent, far outpacing the growth rate of women owned-businesses in general and making black women the fastest-growing group of entrepreneurs in the US today, according to the 2015 State of Women-Owned Businesses Report, commissioned by American Express Open.

“We attribute the growth in women-owned firms to the lack of fair pay, fair promotion, and family-friendly policies found in corporate America,” Margot Dorfman, CEO of the US Women’s Chamber of Commerce, told Fortune magazine.

“Women of color, when you look at the statistics, are impacted more significantly by all of the negative factors that women face,” she added. “It’s not surprising that they have chosen to invest in themselves.”

The result: Women now own 30 percent of all businesses in the US, or about 9.4 million companies, having grown by 74 percent since 1997. Together these firms generate about $1.5 trillion in revenue and employ nearly 8 million people, the report found.

African-American women own about 14 percent of those firms, accounting for 1.3 million businesses, or half of all businesses owned by African-Americans in the country. Latina women follow close behind them, comprising 12 percent of all women-owned firms, or about 1 million businesses.

Read more: The fastest-rising demographic in American business? Black women

Forbes top 10 cities for African American Economic Success

Here are the top 10 cities for African American economic success according to Forbes Magazine. One thing that jumps out at you immediately is the majority of the cities are in the southern region of the United States. Cities like Atlanta being #1, and Washington DC being on the top 10 list are no surprise but some of the other cities may actually surprise you.

1. Atlanta

2. Raleigh

3. Washington, D.C.

4. Baltimore (tie)

4. Charlotte (tie)

6. Virginia Beach-Norfolk, Va.

7. Orlando, Fla.

8. Miami (tie)

8. Richmond, Va. (tie)

8. San Antonio (tie)

NAACP TEAMS UP WITH DUNKIN’ BRANDS TO INCREASE MINORITY FRANCHISES

NAACP ANNOUNCES PARTNERSHIP WITH DUNKIN’ BRANDS

Dunkin’ Brands and NAACP Launch Initiative to Increase the Number of African-American Owned Franchise Businesses in the U.S.

Baltimore, MD- (July 23, 2014) – The National Association for the Advancement of Colored People (NAACP) announced today its partnership with Dunkin’ Brands Group, Inc. (Nasdaq: DNKN), the parent company of Dunkin’ Donuts and Baskin-Robbins, to create a Diversity Franchising Initiative to increase the number of African-American owned franchise businesses in the United States. Through the partnership, Dunkin’ Brands and the NAACP will collaborate to offer people of color in-depth franchising education and training as well as assistance in overcoming the financial challenges related to becoming a franchise owner. The partnership was announced at the NAACP’s 105th Annual Convention in Las Vegas.

“Franchising can be a powerful economic tool that further enables the African-American community and others to realize the American dream of business ownership,” said Cornell William Brooks, President and CEO of the NAACP. “We are excited to announce this unique partnership with Dunkin’ Brands and to improve opportunities for people of color in the franchising sector because of the substantial impact these agreements have on empowering and employing people of color.”

“The Dunkin’ Brands Diversity in Franchising Initiative will provide education, networking opportunities and information on critical topics including access to capital,” said Dedrick Muhammad, senior director of the NAACP Economic Department. “Ultimately, we hope this program helps to increase the number of African-American franchise business owners in the U.S in both the short and long term.”

This initiative is a part of Dunkin’ Brands’ ongoing efforts to provide resources to help qualified franchisee candidates overcome barriers associated with financing, including providing guidance on business plan development, facilitating access to capital, and forging relationships with local community lenders.

“We are proud to launch this partnership with the NAACP. Working together, our goal is to increase African American participation in the franchise industry, not just with Dunkin’ Donuts and Baskin-Robbins, but across a wide spectrum of franchising concepts available in the marketplace,” said Grant Benson, CFE, vice president of global franchising and business development, Dunkin’ Brands. “Additionally, we believe this partnership will enable Dunkin’ Brands to build a larger, more diverse pool of franchise candidates, accelerate our expansion in new and existing markets, and continue to build customer loyalty for our two brands across the country.”