Black Business Month is celebrated in August — it’s a time to acknowledge and appreciate black-owned businesses across the nation and all that they represent in the country’s continual striving for diversity and equality. Denise Moore, CEO of the Black Business Alliance in Peoria, Illinois, has this to say about the importance of Black Business month:
“Black Business Month is exciting because it gives us an opportunity to focus on a community that is far too often underrepresented when it comes to access to capital and opportunities to build wealth.”
When we celebrate the contribution of black business owners and entrepreneurs, it pays homage to them and their legacies, especially since celebrating this month recognizes the importance of black-owned businesses when it comes to contributing to the nation’s economy as well. Approximately 10% of all American businesses are black-owned, and if we look at what statistics say about minority-owned businesses, about 30% of these would belong to black business owners. The primary sectors in which black-owned businesses operate include health care, social work, repair and maintenance, beauty salons, restaurants, and more. Black businesses across the country are booming and on the rise, with Washington D.C. having the highest ratio of black-owned businesses, a whopping 28%. These business also have an important role to play towards supporting student and education by giving funds towards scholarship of African American Students, here is a list of numerous scholarship provided to African-Americans.
History of Black Business Month
The history of Black Business Month can be traced back to the year 2004, when engineering entrepreneur Frederick E. Jordan partnered with the president and executive editor of the scholarly publishing company eAccess Corp,’ John William Templeton, to start this annual event. The intention of the pair was to “drive the policy agenda affecting the 2.6 million African-American businesses,” in order to highlight and empower Black business owners all over, especially given the unique challenges faced by minority business owners. This stemmed from Jordan’s own personal experience of the struggle to gain financial backing and funding when he began his own firm in San Francisco in 1969.
Today, he is the successful owner of F. E. Jordan Associates Inc., a company that has international reach, but it also led him to realize that the odds are still not in favor of Black entrepreneurship. To push for equity in the business spaces and to celebrate those who are thriving despite the challenges, Black Business Month is a month-long celebration of entrepreneurs who beat the odds.
(Read more on the National Today website - link below)
5 Important Facts About Disparity in Black Businesses
Ratios matter — A study shows that median wealth held by White to Black families is 10:1.
Unemployment — Historically, twice as many Black have been unemployed than White people.
Wage disparity affects generations — There is a greater likelihood that Black children will live in poverty as compared to White children.
Only 42% of Black families own their homes, as compared to 73% of White families.
School to prison trajectory — African-Americans are six times more likely to be incarcerated than their White counterparts.
Why Black Business Month Is Important
It champions equity — Black Business Month ensures that Black-owned businesses get the recognition and patronage they so richly deserve, especially if any of them are struggling to stay afloat. To celebrate Black-owned businesses is to empower more people from the African-American communities to dream big and begin their own entrepreneurial journeys, and we love the empowerment that brings us one step closer to achieving equity.
It supports minorities — Since African-Americans belong to the category of minority communities, their businesses are more likely to be hard-hit as opposed to White-owned businesses, perhaps simply because systemic racism is still prevalent in the nation — whether latent or blatant. Supporting these businesses is a way of acknowledging and celebrating the struggle and encouraging Black-owned businesses to keep booming.
Inclusivity and diversity — If there are two terms that define our current generation's entire zeitgeist, they are inclusivity and diversity. The best part is that these will never go out of fashion, as we make leaps and strides into making sure that institutional racism and prejudice go out of style for good. Since Black-owned businesses are what bring in more diversity, our job is to support these to make sure that all minority communities can be inspired to enter the fray and contribute to the nation's economic and sociological well-being.
This article excerpt is from Black Business Month by National Today. Please visit their site to read the entire article.
Additional Reading About Wealth Inequality (results of the 2019 Census)
Quick Links to Lists of Black-Owned Businesses
https://www.thrillist.com/lifestyle/chicago/black-owned-businesses-chicago (published Feb. 2022)
https://www.choosechicago.com/blog/17-chicago-spots-to-check-out-for-black-owned-business-month/ (published August 11, 2022 by Flo Lawnicki)
https://www.chicagoparent.com/things-to-do/guides/black-owned-businesses-for-families/ (published June 1, 2022 by Chicago Parent)