Black-owned businesses contribute billions to Ohio’s economy, according to recent report
By Lorelei Smillie
Black-owned businesses in Ohio are contributing $12.5 billion to the state’s economy, according to a report from the Ohio Chamber of Commerce. The report details the economic contributions and other information on Black-owned businesses across the state and was released at the inaugural State of Ohio Black Business event. The event, held on September 24, is set to become an annual tradition to measure progress and address the barriers that Black entrepreneurs face across the state.
Key findings of the report included that Black-owned businesses generate $12.5 billion for Ohio’s economy, support nearly 130,000 jobs in Ohio and contribute $2.7 billion in state, local and federal tax revenue annually.
Additionally, the event highlighted the many challenges facing Black entrepreneurs. These include limited access to capital, market entry challenges, regulatory burdens and workforce development gaps. To address these challenges, the study gives several recommendations, including expanding access to capital, creating professional services support, fostering mentorship opportunities and facilitating government contracting processes.
“Black entrepreneurship is vital to Ohio’s economic strength and competitiveness,” says Demetrius Thomas, the executive director of the Ohio Chamber Research Foundation. “This report shows not only the tremendous value that Black-owned businesses already create for our state, but also the untapped potential if we remove systemic barriers and provide targeted support. By investing in these entrepreneurs, we invest in a stronger, more inclusive economy for all Ohioans.”