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Happy August! It’s Black Business Month, and by nature of you reading this editorial, you’re supporting a Black-owned (and woman-owned) small business. For that, The Washington Informer family thanks you! Now, your charge is to keep up the momentum.
This Black Business Month, be intentional about supporting Black-owned businesses throughout the District, online and in your travels. Go to that Black-owned cafe you’ve been driving by for months and meaning to check out. Head to that Black-owned flower shop to get your loved one something special. Or imagine the gems you might find on your family vacation when you’re sure to check out the Black-owned restaurants in the area.
Black-owned businesses are critical to the economy.
According to a February 2023 Fortune article, recent Census data reveals that there are 3.12 million Black-owned businesses in the United States. These millions of businesses generate $206 billion yearly and support 3.56 million U.S. jobs, ultimately providing important opportunities and economic boosts in communities across the country.
Black entrepreneurship increased 38% in comparison to pre-pandemic numbers, Fortune reported. However, even with growing numbers, African American entrepreneurs have attested that they still face major challenges.
Like many other fields and systems, racial disparities are a reality in business and entrepreneurship.
A Bank of America study found that 57% of Black business owners expressed concern about credit availability and 40% of African American entrepreneurs said they do not believe they will ever have equal access to capital.
People, no matter race, ethnicity or background, should work to support Black businesses this month– and always, for that matter— to combat systemic challenges preventing African American entrepreneurs from equitable access to capital.
It’s the job of the community to support the diligent business owners who are working hard to provide quality business for customers, offer jobs for others, and/or create helpful programs, services or products.
This month and beyond, explore and support Black-owned businesses in and outside of your community. Further, be sure to thank the dedicated entrepreneurs and employees who work to keep the businesses open and thriving.