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What National Black Business Month Means for America

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The value of entrepreneurship has long had a significant impact on the Black community, making it an essential contributor to the nation’s economy.

At the same time, recent forces like the devastating effects of the pandemic and ongoing socio-economic battles such as the lack of access to much-needed capital to launch or scale a venture are putting pressure on competition. It has become very difficult for black entrepreneurs trying to make headway in the turbulent business mainstream.

Well, this month is National Black Business Month. This historic annual event provides a platform for consumers and owners to not only support black businesses, but grow businesses and build wealth for current and future generations of African Americans. provide the opportunity to

Over 3.2 million black-owned businesses in America

More than 3.2 million Black people employing more than 1.18 million workers, according to 2018 data from the Annual Business Survey and Demographic Unemployed Statistics, based on figures provided by the U.S. Small Business Administration About 19.4% of employer businesses in 2019 were minority-owned, for a total of about 1.1 million businesses, and 2.4% were black-owned.

Aimed at helping people overcome hurdles, National Black Business Month’s roots go back to 2004, when August was designated as such by two black entrepreneurs, engineers. Frederick E. Jordan When John William Templeton, president and editor-in-chief of eAccess, an academic publisher. After enduring major setbacks, Jordan was bound to introduce and encourage black business owners like himself. black companies report.

Advancing policy issues affecting 2.6 million African-American businesses, and given the unique challenges faced by minority business owners, to shine a light on and empower Black business owners around the world. was intended. National Business TodayAmong them were Jordan’s “personal experiences of having trouble obtaining financial support and funding when starting a business in San Francisco in 1969.”

Black companies that have made it happen for centuries

But the history of black entrepreneurship can be traced back to the late 1700s. When free and enslaved blacks started small businesses such as barbershops and tobacco shops, National Business Today report. It said the number of black-owned businesses increased with liberation and then, despite the times, in the early 20th century.

“The period from 1900 to 1930 was known as the ‘golden age’ of black-owned businesses. Racism helped nurture black-owned neighborhoods, including Black Wall Street in Tulsa, Oklahoma. ”

There were other important time slots that reflected the spirit of Black Business Month. For one, the National Negro Business League was founded in 1900 by an iconic figure. Booker T. WashingtonThe organization, now called the National Business League, calls itself the oldest and largest black business trade association in the United States. Another great moment black companies More than half a century later. In late August 1970, Earl G. Graves, Sr., Published the first issue of the magazine. It primarily served as a guidebook for black entrepreneurs looking to start and grow their companies.

four years ago, black companies celebrated the 45th anniversary of the roster of the BE 100, America’s largest black-owned business. The tribute includes 45 milestone moments, demonstrating more than 40 years of black business and economic development and its broad impact on American industry. It featured game-changing entrepreneurs and disruptors. among them: Arthur G. GastonBE 100s Financial Institutions Citizens Federal Savings Bank and Late Founder and Chairman of Booker T. Washington Life Insurance Company Reginald Lewis TLC Group’s acquisition of Beatrice International Foods in a $985 million leveraged buyout became the first black-owned business to cross the $1 billion revenue threshold.

Nationwide Insurance, one of the nation’s largest financial services companies, is also at the forefront of driving growth and advancement for Black businesses. In addition to sponsoring the Black Enterprise Entrepreneurs Summit, the company expanded its business opportunities and increased its MBE funding, making it a key driver of its diversity, exclusion and inclusion (DEI) efforts. cited across the companies of

Purchasing black to jump the business hurdles

Jordan and Templeton also advocate for government officials and community leaders to address the structural barriers that hinder black business, The Post News Group reported.

“A key idea of ​​the National Black Business Month is to dramatically increase sales for Black-owned businesses by redirecting a small percentage of personal spending,” Templeton previously said. black companies.

Observers said it was important for consumers and business owners to support Black business owners during the month for several other reasons. and are going through a more difficult time than other groups, so they need sponsorship more than ever. In fact, about 53% of black business owners believe their revenue has decreased by more than 50% since COVID-19 became a widespread concern, compared to just 37% for white business owners. did.

Others add that they need help because of systemic racism across the country and need assurance that black businesses are not fighting those situations alone. Such advocacy and consumerism promote diversity and inclusion, as Black businesses tend to employ more diverse employees and invest in their communities.

It is also estimated that Black entrepreneurs can earn more than 10 times more than non-Black business owners, helping to reduce the racial wealth gap and promote economic balance.