August Newsletter: Black Business Month

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August is National Black Business Month and we want to celebrate! Black business owners account for ~10% of business in the US and ~30% of all minority-owned businesses. That’s about 2 million companies that are black-owned [1]!

National Black Business Month began in August of 2004. Historians John William Templeton and Frederick E. Jordan founded it to “drive the policy agenda affecting 2.6 million African-American businesses” and to shed light on Black ownership while encouraging others to support Black-owned businesses [1].

Recently, Groupon and The National Black Chamber of Commerce surveyed more than 400 Black small business owners [2]:

  • “80% said they faced more challenges launching their businesses due to their race [2]
  • 74% said they’ve had fewer opportunities due to a lack of capital investment and resources targeted towards Black communities [2]
  • 76% of Black-owned businesses said they were negatively impacted by COVID-19, but only 5% of those that applied for Paycheck Protection Program loan received one” [2]

This year, National Black Business Month is particularly important due to the disproportionate impact of COVID-19 on Black communities. Even outside of the pandemic, black business owners have greater difficulty starting, running, and growing their businesses [3].

The US Small Business Administration offers programs and services to help Black Business owners start, grow, expand, and recover from the pandemic:

How to celebrate

Education and support are some of the best things you can do for Black Business Month. Research black-owned businesses and purchase items or services from them. If you are not black, use your privileges to amplify black voices and teach your family and friends how they can support black businesses.

References

  1. https://nationaldaycalendar.com/black-business-month-august/
  2. https://thesocialelement.agency/our-advice-on-black-business-month
  3. https://www.facebook.com/business/news/celebrating-national-black-business-month

Resources

  1. Black Business Month
  2. What is black business month
  3. Support Black Owned Business
  4. Black owned business guide
  5. 100 black educators organizations and companies
  6. 12 organizations that support black entrepreneurs
  7. Black Owned Businesses for Kids
  8. 30+ BLACK-OWNED CHILDREN’S BRANDS TO SUPPORT NOW & ALWAYS
  9. A Black Children’s Coloring Book: Entrepreneur Kids
  10. Black-Owned Bookstores to Support
Black lives matter poster, banner. Black Lives Matter stylised lettering . Black and white bro fist together concept. Campaign against racial discrimination of dark skin color. Vector Illustration.