A recent story by the Brookings Institute highlights a 95% increase in the number of Black-owned businesses with employees in the Omaha metro.
The Brookings reports leads with the statement that Black-owned businesses are driving economic growth in America.
The report uses data from the Census Bureau’s American Community Survey showing an increase of 182 Black-owned businesses with employees in Omaha from 2017 to 2022.
That is great news for the organizations and businesses working to increase the number and size of Black-owned businesses.
“We set a goal in 2015 to work together to help create or scale 250 more Black-owned businesses with employees by 2025,” said Willie Barney, CEO of the Empowerment Network and co-owner of the Revive Black Business Network and Carver Legacy Center.
“Even with the pandemic, we have collectively made substantial and measurable progress. This proves what can be accomplished in just five years and we want to help create or scale 250 more before 2030.”
“This is incredible. A 95% surge in Black-owned businesses with employees in Omaha is more than a statistic—it’s a testament to resilience, innovation, and economic empowerment,” said Frank Hayes, CEO and Founder of Hayes & Associates. “This growth fuels generational wealth, strengthens communities, and drives the local economy forward. When Black businesses thrive, Omaha thrives!”
The Brookings report shows that minority businesses are driving economic growth in the entire country.
Some neighboring cities in the Midwest and partner cities also performed very well when it comes to increasing the number of Black owned businesses. The Census report shows the largest growth occurred in the South and East.
Omaha. 182 more Black-owned employer businesses. A total of 373.
Minneapolis had a startling 157% increase. 1,482 new employer businesses.
Milwaukee. 92% increase. 728 more Black-owned businesses.
Indianapolis. 638 more businesses. 90% increase.
Locally, there are many support organizations and the entrepreneurs working to make things happen in Omaha:
- Nebraska Enterprise Fund
- Grow Nebraska
- Omaha 100
- Start Center
- Omaha Economic Development Corporation
- Revive Black Business Network
- Empowerment Network
- Carver Legacy Center
- Metro Omaha Women’s Business Center
- Hayes & Associates
- Business Seals
- Small Business Administration
- DreamBusiness
- Greater Omaha Chamber
- Urban League of Nebraska
- Midlands African-Chamber
- and others are focused on entrepreneurship and business growth.
“When we invest in small businesses, we invest in the heartbeat of our communities. These businesses don’t just provide services, they create jobs, generate local spending, and fuel economic growth. By empowering entrepreneurs in low to moderate-income communities, we build ecosystems of opportunity where every dollar earned circulates locally, strengthening neighborhoods and paving the way for generational prosperity,” said Veta Jeffery, CEO of Jeffery Consulting.
MOVING FORWARD
“The timing is perfect for this report as we turn our attention to Transformation 2030,” said Barney. “This should be a celebration point for Omaha and other cities and also inspire us all to push even harder after seeing what is possible.”
Investments through the North and South Omaha Recovery Program and other sources should help accelerate the pace of growth even more in Omaha over the next five years.
The additional funding is made possible through the partnership of the community and leadership of Senators Justin Wayne and Terrell McKinney to gain passage of LB1024 and LB531. After a nearly unanimous vote in the Nebraska State Legislature and the signatures of former Governor Pete Ricketts and current Governor Jim Pillen, the legislation became law.
Awards were announced in January 2024 and The Department of Economic Development has led the allocation of funding and many Black-owned businesses benefitted from grants ranging from $50,000 to $2,000,000.
The future $30 million investment in the IHUB and $90 million business park in North Omaha will also make an impact.
These funds and other strategic investments will support the continued progress and help to increase the number of Black-owned businesses with employees. It also has an impact on future generations.
“When young people grow up seeing businesses start and thrive around them, they begin to dream bigger, knowing they, too, can build and contribute. This cycle of inspiration and opportunity fuels long-term economic resilience, ensuring that thriving businesses lead to thriving communities for generations to come,” said Jeffery.
Read the full Brookings report here: Driving prosperity: How Black-owned businesses fueled recent economic growth
For a listing of Black-owned businesses in Omaha. Revive Black Business Guide – Revive! Omaha