How To Support During This Black Business Month
Founded in 2004 by engineer Frederick E. Jordan and historian John William Templeton, National Black Business Month highlights the importance of Black businesses across the United States during the month of August. Beyond driving awareness, Jordan and Templeton set out to “drive the policy agenda” for Black-owned businesses, increase economic power for Black founders, and create supportive ecosystems where Black companies can thrive.
Why is it needed?
While Black-owned businesses have grown by around 34% in the USA in the early 2000s, Black entrepreneurs continue to face extreme disparities in access to start-up capital, critical networks, and resources. In fact, 80% of Black-owned businesses fail within the first 18 months of operations and existing challenges were only exacerbated by the pandemic.
In April 2020, around 41% of US Black businesses were wiped out and many of which weren’t expected to return to normal pre-COVID operations, if at all. Black businesses closed at twice the rate of white-owned businesses and couldn't access enough federal relief to keep them afloat, underscoring a disproportionately negative impact of the pandemic on Black communities. By June 2020, following the murder of George Floyd, the push to support Black businesses intensified amid racial justice protests across the globe, creating increased brand awareness and exposure to new audiences for many small businesses.
In spite of pandemic strains and 2020’s racial reckoning, 84% of Black entrepreneurs are expecting growth in operations this year. Black women, in particular, remain the fastest-growing entrepreneurs in the US but without active allyship and support, sustained growth may prove elusive.
Here’s how you can help support small businesses during Black Business Month where you are:
Promote Black-owned businesses by sharing or liking their posts and marketing materials, or remembering to write that online review after all!
Feature or partner with a local Black-owned business in your marketing or events to raise their profile to your audiences.
In the UK, check out the ukblackbusinessshow.co.uk where exhibits have been created to inspire and connect Black business owners and professionals and raise their profile. And online, @blackownedeverything - is one of the largest Instagram directories of Black-owned small businesses for individual consumers to help support.