National Black Business Month

Celebrating August as Black Business Month: Empowering Entrepreneurs Against the Odds!

August is not only a month of late summer and back-to-school preparations; it's also a time to celebrate and uplift Black entrepreneurship. Designated as Black Business Month, August shines a light on the remarkable achievements, resilience, and impact of Black entrepreneurs and business owners across various industries. Despite facing historical disadvantages and systemic challenges, Black business owners continue to carve their path to success.

The Significance of Black Business Month:

Black Business Month serves as a reminder of the contributions of Black entrepreneurs to the economy and society. It honors their determination in overcoming adversity and striving for economic empowerment, while also highlighting the importance of supporting Black-owned businesses year-round.

Statistics Tell the Story:

• According to the U.S. Census Bureau's Annual Business Survey, the number of Black-owned businesses increased by 34.5% between 2012 and 2017.

• However, while Black-owned businesses are growing, they still face disparities in terms of revenue and size. The same Census data shows that these businesses earned a median revenue of $58,100, compared to $176,800 for non-minority-owned businesses.

• The 2020 report from the National Bureau of Economic Research reveals that Black entrepreneurs are more likely to be denied loans and face higher interest rates than their white counterparts.

• Despite these challenges, Black women are one of the fastest-growing groups of entrepreneurs, creating businesses at six times the national average.

• research indicates that there should be 2.5 million African Americans in business, and we only have half that many. If you look at the Black and White unemployment disparity, the essential idea is, the only way we're going to get the level of employment we need is to support Black businesses. As of April, the black unemployment rate was 16.5%; the white rate was 9.0%."

Celebrating Resilience and Creativity:

Black entrepreneurs often launch businesses not just to chase profits, but to address unmet needs in their communities. Their ventures span various sectors, from tech startups to beauty brands, restaurants, fashion, and more. These businesses contribute not only to the economy but also to social change, providing employment opportunities and driving innovation.

Supporting Black-Owned Businesses:

As consumers, we can make a positive impact by actively supporting Black-owned businesses. By choosing to purchase products and services from these enterprises, we contribute to their growth and prosperity. Online directories and apps have made it easier than ever to locate and support Black-owned businesses in our communities and beyond.

In conclusion, August's recognition as Black Business Month is a testament to the determination, creativity, and resilience of Black entrepreneurs. Despite facing challenges, they continue to thrive, innovate, and contribute significantly to the economy. As consumers, we can play a crucial role by making conscious choices to support these businesses, not just in August, but all year long. By doing so, we honor their achievements and help create a more equitable economic landscape for everyone.