Charlotte, NC, February 5, 2026
Charlotte’s Black-owned businesses face significant challenges as the city ranks 16th nationally in 2023 for such enterprises, down from 12th in the previous year. Despite this decline, Charlotte sustains a notable 6.5% share of Black-owned businesses, suggesting a resilient entrepreneurial landscape. Local initiatives aim to combat barriers to growth, with support for business formation and access to funding. The city continues to foster diversity in its economy, highlighting the vital role these businesses play in job creation and local investment.
Charlotte, NC
Charlotte’s Black-Owned Businesses: Navigating Shifting Rankings Amidst Growth
Recent data indicates a shift in Charlotte’s national standing for Black-owned businesses, moving from 12th to 16th in 2023 for its share of such enterprises. While the city no longer ranks among the top 15 metros, it continues to be recognized among a relatively small group of large metropolitan areas where Black-owned firms contribute significantly to the local economy. This evolving landscape highlights both challenges and opportunities for Charlotte’s entrepreneurial spirit and its commitment to fostering a diverse business community.
The entrepreneurial journey is often characterized by resilience and innovation, qualities that Charlotte’s small business owners consistently demonstrate. Even with national ranking adjustments, the Queen City’s economic fabric is strengthened by the determination of its local entrepreneurs. Supporting these ventures and examining how local policies can further reduce red tape and enhance access to resources are key to accelerating sustained economic growth for all.
Charlotte’s Ranking Shifts: A Closer Look at the Numbers
In 2023, Charlotte ranked 16th nationally for the share of Black-owned businesses, a decrease from its 12th position a year prior. Despite this adjustment, the city’s 6.5% share of Black-owned businesses remains notably above the 3.4% national average. This indicates that Charlotte still maintains a substantial presence of Black-owned firms within its business ecosystem. Economic pressures and higher interest rates Nationwide have been cited as factors contributing to a slowdown in business formation growth.
The Indispensable Role of Minority Businesses in the U.S. Economy
Nationwide, employment generated by minority-owned businesses is crucial to the vitality of the U.S. economy. These businesses play a significant role in job creation and wealth distribution. However, persistent gaps in scale and access to capital remain Nationwide. For instance, Black-owned firms were half as likely as white-owned firms to be fully approved for loans, lines of credit, and cash advances in 2021. Furthermore, minority-owned businesses are more likely to be denied bank or private investor loans compared to non-minority business owners.
Charlotte’s Proactive Steps in Supporting Entrepreneurs
Charlotte has a history of proactive engagement in supporting its diverse entrepreneurial landscape. In 2025, Charlotte experienced its best year for business recruitment in a decade, securing 15 project announcements that are projected to bring 3,880 new jobs and over $424 million in investment. City leaders aim to sustain this momentum into 2026, partly through enhanced public transit and continued support for small businesses.
Initiatives such as the city’s collaboration with Operation HOPE for the 1 Million Black Businesses (1MBB) initiative aim to help one million Black businesses Nationwide grow by 2030. This program provides tools and resources, including financial education, coaching services, and access to financial software and expert volunteers. Additionally, local entrepreneurial support organizations like GROWMETIX, NXT | CLT, and The Boost Pad are working to help Charlotte entrepreneurs of color access funding. These organizations were also recipients of NC IDEA’s Black Entrepreneur Council (NC BEC) grants, designed to support Black entrepreneurship in North Carolina.
Addressing Barriers to Growth
Despite the supportive environment, challenges persist for minority-owned businesses in Charlotte-Mecklenburg. Studies indicate that minority-owned businesses face specific barriers, including entrenched practices of lending discrimination, historical disparities in wealth, and unequal access to customers and business networks. The racial wealth gap also contributes, with White households having significantly more wealth than Black households, which impacts access to personal capital for business ventures.
Workforce development initiatives are also underway. In early April 2024, Charlotte City Council approved $3.6 million in grant funds for workforce development initiatives, empowering residents and businesses. These grants support organizations that provide comprehensive services, including career exploration, navigation, and supportive services for training and employment.
Entrepreneurial Innovation and Community Engagement
Charlotte’s entrepreneurial ecosystem continues to thrive, with programs like the Smart CEOs Accelerator designed to help growth-stage businesses scale strategically through curriculum, mentorship, and networking. The city also hosts programs like the Creative Pool, which connects local professional creatives with opportunities on city projects, fostering community involvement and economic opportunity.
North Carolina as a whole has been recognized for its supportive environment for Black-owned businesses, ranking third in the United States in 2025 according to a report from B2B Reviews. The state placed tenth for the number of Black businesses, with nearly 16% identifying as Black-owned, and reported the third-highest business success rate at 60.7, above the average of 56.1.
Looking Ahead: Sustaining Economic Growth and Opportunity
Charlotte’s ability to attract major corporate investment, drawn by infrastructure, workforce depth, and State-level and local incentives, underscores its reputation as a business-friendly destination. However, for Charlotte to fully realize its potential and ensure equitable economic growth, continued focus on supporting all entrepreneurs is vital. By prioritizing entrepreneurial innovation, fostering a regulatory environment that encourages small-business resilience, and actively engaging community insights, Charlotte can solidify its position as a beacon of opportunity.
We encourage our readers to support local businesses, engage in community dialogues about economic development, and champion the innovative spirit that defines Charlotte, NC. Staying informed and involved is essential to shaping a prosperous future for every resident and entrepreneur in the Queen City.
Frequently Asked Questions
- What is Charlotte’s current national ranking for Black-owned businesses?
In 2023, Charlotte ranked 16th nationally for the share of Black-owned businesses. - How does Charlotte’s share of Black-owned businesses compare to the national average?
Charlotte’s 6.5% share of Black-owned businesses is notably above the 3.4% national average. - What factors have contributed to the changes in business formation growth Nationwide?
Economic pressures and higher interest rates Nationwide have contributed to a slowdown in business formation growth. - What initiatives are in place to support Black-owned businesses in Charlotte?
The city of Charlotte has teamed up with Operation HOPE for the 1 Million Black Businesses (1MBB) initiative to help one million Black businesses Nationwide grow by 2030, providing tools and resources such as financial education and coaching services. Local organizations like GROWMETIX, NXT | CLT, and The Boost Pad also work to help Charlotte entrepreneurs of color access funding. - What challenges do minority-owned businesses face in Charlotte-Mecklenburg?
Minority-owned businesses in Charlotte-Mecklenburg face barriers including entrenched practices of lending discrimination, historical disparities in wealth, and unequal access to customers and business networks. Black-owned firms were half as likely as white-owned firms to be fully approved for loans, lines of credit, and cash advances in 2021. - How does North Carolina rank for Black-owned businesses?
In 2025, North Carolina ranked third in the United States for Black-owned businesses, placing tenth for the number of Black businesses with nearly 16% identifying as Black-owned. The state also reported the third-highest business success rate at 60.7, which is above the average of 56.1.
Key Features of Charlotte’s Black-Owned Business Landscape
| Feature | Detail | Scope |
|---|---|---|
| 2023 National Ranking | 16th for share of Black-owned businesses | National |
| Share of Black-Owned Businesses in Charlotte | 6.5% | Local |
| National Average Share of Black-Owned Businesses | 3.4% | Nationwide |
| Factors Affecting Business Growth | Economic pressures and higher interest rates | Nationwide |
| 2025 Business Recruitment | Best year in a decade, $424 million in investment, 3,880 new jobs | Local |
| North Carolina Black Business Ranking (2025) | 3rd in the United States | State-level |
| North Carolina Black Business Success Rate | 60.7 (above 56.1 average) | State-level |
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Author: HERE Charlotte
The CHARLOTTE STAFF WRITER represents the experienced team at HERECharlotte.com, your go-to source for actionable local news and information in Charlotte, Mecklenburg County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Lovin' Life Music Festival, Charlotte Pride festival, and major sporting tournaments at Bank of America Stadium. Our coverage extends to key organizations like the Charlotte Regional Business Alliance and Foundation for the Carolinas, plus leading businesses in finance and entertainment that power the local economy such as Bank of America and NASCAR. As part of the broader HERE network, including HEREAsheville.com, HEREGreensboro.com, HERERaleigh.com, and HEREOBX.com, we provide comprehensive, credible insights into North Carolina's dynamic landscape.
