Bernadette Davis
Founder and Chief Strategist
Every year, new reports come out with data about the economic impact of minority- and women-owned businesses. And every year, I find myself reflecting not just on the numbers, but on the people behind them, people like me and the business owners I know who are building something that fills a need and creates jobs.
According to the National Minority Supplier Development Council’s (NMSDC) 2023 Minority Business Economic Impact Report, certified Minority and Women Business Enterprises (MWBEs) generate $67 billion in annual revenue, employ 221,000 people across the U.S., and pay $19.5 billion in wages. These certified firms include Asian Indian, Asian Pacific, Black, Hispanic, and Native American-owned businesses each contributing to a diverse, sustainable economy.
Within that, Black-owned MWBEs generate about $8.8 billion in revenue. That’s an impressive figure, but when viewed in the context of the total, it’s a reminder of how much room remains for growth, investment, and equity.
The recently released 2025 Wells Fargo Impact of Women-Owned Businesses Report paints a broader picture. Women-owned businesses make up 39.2% of all U.S. firms, employ 12.9 million people, and generate $3.3 trillion in revenue — only 6.2% of total firm revenue. Even when we include all women-owned firms, we are still far from gender parity when it comes to both employment and revenue. Not close at all.
Back to the People
The data around women business owners is always interesting to me, not just for what it measures, but for what it can’t fully capture. I spend a lot of time with brilliant, creative, resilient women entrepreneurs. When I read these reports, I see all of us behind the statistics, and I think about what could be if we reached parity. How transformative that would be for our companies, our employees, and our communities.
This year has been a particularly challenging one. As widely reported, including in The 19th News, Black women have faced rising unemployment and job loss across several industries. I believe we’ll see ripple effects from that. Some of these women will lean into their businesses since many already balance entrepreneurship alongside full-time work or they’ll start new ventures. Other established entrepreneurs, unfortunately, have had to downsize or close their businesses entirely. We may not see the full data until 2026, but it’s clear this year will have a lasting impact on the growth and sustainability of Black women-owned businesses, and by extension, our communities (which extends beyond just the Black community).
As organizations plan for 2026, I hope they’ll continue to invest in small businesses, especially women- and minority-owned firms. The national conversation has shifted in recent months, with many companies reframing “diverse spend” under the broader umbrella of small business spending, particularly amid the politicization and misinformation campaign around DEI. But at the heart of it, the goal remains the same: to ensure opportunity, equity, and inclusion in how business is done.
According to the U.S. Small Business Administration, small businesses account for nearly 46% of private-sector employment. That means while women- and minority-owned firms haven’t yet achieved parity, small businesses — including these firms — are absolutely essential to the U.S. economy and to the health of our workforce.
But perhaps this challenging season is setting the stage for something even greater in 2026.
At BDC Strategy Group, we’ve seen firsthand how small, diverse, and women-owned firms bring innovation, agility, and authenticity to every partnership. When companies choose to work with women-owned small businesses, they’re not just checking a box — they’re investing in sustainable growth, community strength, and the future of inclusive business.
Here’s to rebuilding, reinvesting, and reimagining what’s possible — together.
