For the third consecutive year, Richmond is ranked among the top 10 U.S. cities with the highest percentage of Black-owned businesses, according to a new analysis from LendingTree.

The report found that 7.6% of businesses in Richmond are Black-owned, an increase from 5.6% in last year’s study. The River City is home to more than 1,800 Black-owned businesses and has the 22nd highest Black population rate in the country.

Women play a significant role in Black business ownership, with 39.1% of Black-owned businesses in the U.S. led by women — nearly double the percentage of women-owned businesses overall.

St. Louis (7.3%) and Charlotte, North Carolina (7.1%), follow Richmond in the rankings. Nationally, Black-owned businesses have increased by 22.2% year over year, now making up 3.3% of all U.S. businesses. For the full report, visit LendingTree.com.