Did you know that August is National Black Business Month? Black Business Month is a month-long celebration of Black-owned businesses all across the country. It was originally founded by Historian John Templeton and Fredrick Jordan Sr. in August 2004. The mission of this movement is to help fund, create, and empower Black businesses. By highlighting Black entrepreneurs and encouraging people to support them, this month recognizes the importance of Black-owned businesses to Black communities and their contributions to the economy.
The Black community has been severely impacted by COVID-19 but has traditionally suffered from a lack of funding and resources.
Blacks often face challenges that others don’t when it comes to receiving loans, partnerships, and sometimes even permits for their businesses. There has been an uptick in revenue for Black businesses since the June protests and Black Lives Matter movement, however, there is still a huge gap between Black businesses and other U.S. businesses. Today Black businesses make up around 10 percent of U.S. businesses and about 30 percent of all minority-owned businesses. That rounds out to about 2.5 million.
How to Support a Black-Owned Business
Several large platforms have come together this month to highlight and bring more attention to the disparities that Black entrepreneurs face. You may have seen campaigns like #PassTheMic, #ShareBlackStories, and #SupportBlackBusiness on television and social media. Groupon also has a special page highlighting local Black businesses. Here are some ways that you can support Black-owned businesses this month and in the future.
Shop Black Businesses Online
Make a purchase from one or more Black businesses. Check out the Miami Black Business Directory here.
Share on Social Media
Create posts, share your purchases, share directories, and encourage your friends and family to support the movement.
Donate to Causes That Assist Black Entrepreneurs
Find organizations in your local community that assist black entrepreneurs and consider making a donation or perhaps volunteering with them.