Black Business Month is more than a time for recognition; it is an opportunity to address the persistent economic disparities faced by Black entrepreneurs and to champion solutions that promote equity and inclusion.
Historically, Black businesses have been the backbone of their communities, providing essential services, creating jobs, and fostering economic stability. Yet, despite their resilience and contributions, Black entrepreneurs continue to face barriers to accessing capital and resources necessary for growth and sustainability.
Intentional lending is a crucial strategy to bridge this gap. Community Development Financial Institutions (CDFI) that promote access to capital for underserved people and communities allow Black entrepreneurs the ability to create wealth-building opportunities and break barriers for generations to come.
At Intend Indiana, we created our CDFI loan fund, Build Fund, with the understanding that we cannot create a truly equitable community if we treat lending as a one-size-fits-all proposition.
Our focus on intentional lending ensures that we are not merely providing financial assistance but are actively working to dismantle systemic barriers that have historically limited opportunities for Black entrepreneurs.
Through our Build Fund, we’ve gone on to create a Special Purpose Credit Program specifically designed to support African American small business owners. This program is not just about providing loans; it is about ensuring that Black entrepreneurs have the financial tools and support they need to thrive.
The impact of Black businesses on our economy cannot be overstated. According to the National Minority Supplier Development Council (NMSDC) 2023 Minority Businesses Economic Impact Report, Black Minority Business Enterprises (MBEs) brought in an astonishing $66.5B in annual revenue last year.
These businesses not only contribute to local economies by creating jobs and generating tax revenues, but they are also essential for reducing the racial wealth gap and fostering community development.
Black Business Month is a time to recognize Black entrepreneurs’ achievements and promote policies that support economic equity.
The creation of this monthlong celebration is a testament to the enduring spirit and ingenuity of Black business owners who have historically faced and overcome immense challenges. It is a reminder of the work that still needs to be done to ensure Black business owners have an equal opportunity to succeed.
In reflecting on the history of Black Business Month, we see the genesis of initiatives like CDFIs. These institutions were created to address the specific needs of underserved communities, providing access to capital where traditional financial institutions often fall short. By tailoring our lending programs to the unique challenges faced by Black entrepreneurs, we are making a deliberate and impactful investment in the future of our communities.
Intend is committed to advancing comprehensive community development through innovative financing and development solutions because we know services like ours are needed. Our work is driven by the belief that economic empowerment is fundamental to achieving social equity and that intentional lending is not just a financial strategy but a powerful tool for social change.
By supporting Black entrepreneurs through targeted programs and initiatives, we can build a more equitable and prosperous future. As we honor the legacy of Black business owners this August, let us also look forward with determination and hope, knowing that through our collective efforts, we can create lasting economic opportunities for all.