Black History Month is a time to give back and uplift Black communities. If you are looking to make a tangible impact– something that will make a real difference in a Black community– think of ways you can help Black entrepreneurs. Support Black-owned businesses that are right here in Providence.
Systemic Barriers to Economic Mobility
Throughout American history, Black Americans have been excluded from wealth-building opportunities. The racial wealth gap persists as a result of discriminatory policies and practices that have limited access to capital, homeownership, and business opportunities. To truly support Black economic empowerment, it is essential to understand these systemic barriers and work toward dismantling them.
Homeownership is one of the most significant avenues for building generational wealth in the U.S. Yet, discriminatory policies such as redlining, restrictive covenants, and racial steering systematically exclude Black Americans from homeownership opportunities. Banks and federal agencies denied mortgage loans to Black families or forced them into predatory lending agreements with high interest rates and unfavorable terms. Racialized appraisal practices and inequitable access to credit continue to make it harder for Black families to buy homes and accumulate wealth. As a result, Black homeownership rates remain significantly lower than those of white Americans, perpetuating the racial wealth gap and limiting generational wealth transfer.
The racial wealth gap is exacerbated by disparities in inherited wealth. Generational wealth (assets passed down from previous generations) provides financial security, access to higher education, and the ability to invest in business ventures. However, due to historical economic exclusion, Black families are significantly less likely to inherit wealth compared to their white counterparts. This lack of intergenerational financial support makes it more difficult for Black individuals to collect the initial capital necessary for any asset investment.
Even now, Black founders face distinctly racialized barriers in the start-up industry. According to Columbia Business School, “less than 3 percent of startup founders receiving VC funding are Black and Black-founded startups raise a fraction of the capital of their non-Black counterparts”. Additionally, Black founders often lack access to the same networks and mentorship opportunities that their white peers benefit from, further restricting their business growth.
How Can We Economically Empower Black Communities?
- Promoting Entrepreneurship and Business Development: Make a conscious effort to shop at Black-owned businesses and promote them within your community.
- Funding Education and Skills Training: Support policies and politicians that promote economic equity, such as fair lending practices, reparations, and business grants for marginalized communities. Also, show your support for programs that help Black and Brown children access higher education or vocational skills training.
- Supporting Financial Literacy and Wealth Building: Access to financial education on topics such as budgeting, investing, credit management, and retirement planning can empower individuals to build wealth and achieve financial independence. If you know of any financial literacy programs, inform your community. If you are educated in investing and wealth building, share your knowledge!
- Encouraging Inclusive Corporate Practices: Corporations play a critical role in economic empowerment because they allow Black individuals to develop their professionalism and entrepreneurship. Pressure the corporations you are a part of to ensure fair hiring practices, equitable pay, and career advancement opportunities for Black employees.
8 Black-Owned Businesses in Providence to Support
- The Glow Cafe and Juice Bar
The Glow Cafe is a Black Woman-owned business that sells 100% vegan juices, smoothies, and acai bowls. Glow Cafe believes that “everyone should have access to fruits, vegetables, and other nutrient-dense foods”. Their mission is to provide community care through health and wellness.
- Bottega Yoga
Looking to switch up your fitness routine? Check out Bottega Yoga. This Black-woman-owned urban style studio. Bottega offers over 30 workout classes including hot yoga, yoga sculpt, barre, pilates, and bootcamp fitness classes. The studio focuses on building a connection between body and mind making it the perfect place to improve your physical and mental health simultaneously. They offer a generous new student deal giving you 20 consecutive days of classes for only $20. Where else are you going to find those prices?
- LOLA Fashion Boutique
LOLA is a fashion boutique in Providence that features eclectic local, estate, new, vintage, and imported pieces. Located just a ten minute walk from the Main Green, LOLA is the perfect street shop to wander into. Check out their instagram page for a better look into their avant-garde style.
- The District
Situated downtown, The District is the homiest and yummiest American-style eatery in all of Providence. The District specializes in brick-oven pizzas, artisan sandwiches, wings, and sandwiches. This restaurant could easily become you and your friends go-to spot for an evening bite.
- Sarcastic Sweets
Need to satisfy your sweet tooth? Visit Sarcastic Sweets, a dessert and brunch bakery on wheels. Sarcastic Sweets specializes in “infused” desserts that can showcase any beer, cocktail, or wine. Check out this one-of-a-kind food truck for an experience you can only find in Rhode Island. You can find them in the Rhode Island and Massachusetts areas or any major food truck festival.
- The Village PVD
The Village is the newest authentic Nigerian cuisine restaurant in Providence. You can order online or enjoy a sit-down dinner with a pristine ambience. Village meals are served with beef, fish, boneless fish, chicken, goat meat, or assorted meat and sides of plantain, boiled egg, salad, or mixed vegetables.
- Soulita
Soulita is a sustainable, self-care-focused skincare brown based in Providence. According to the brand’s website, Soulita “formulate[s] skincare products to embrace holistic self care that acts as a meditation to purify and restore the “whole person” while emphasizing the connections between the mind and the body”. All of Soulita’s products are cruelty-free and vegan.
- African Alliance RI
African Alliance RI is an African-owned farmers market that sources all of its food from Bami Farm. The AARI Team believes in a vibrant, self-sustaining African community in Rhode Island. Over the years, AARI has launched community gardens, health and wellness programs, a 6-acre farm in Johnston, and cultural events that celebrate and preserve African traditions. In the warmer months AARI hosts pop-up markets in Providence. Be sure to check out their website for the pop-up schedule this Spring.
Bonus:
While it does not have a Black founder, this community-owned co-op market is the most ethical and sustainable way to shop for groceries in Providence. Urban Greens Market supports the health of the Providence community by offering nutritious, affordable food that is sustainably sourced, culturally inclusive, and local.
Here are some other Black-owned brands to support this month, as well as the best Black-owned makeup brands.