Any time is the perfect time to shop with a Black-owned business and encourage Black entrepreneurship. We mention it and support it in this blog as August is recognized as Black Business Month. AMS is a company that believes in being the change – supporting diversity, and creating a better, more just world. We’re not just DE&I, we’re JEDI with the J standing for Justice.
We know that there is a persistent racial wealth gap putting Black entrepreneurs at a disadvantage when starting a business. Because the Black Community has been underrepresented when it comes to access to capital and opportunities to build wealth, it makes sense for justice-minded individuals to look for and support Black businesses. The sectors in which black-owned businesses operate include restaurants, social work, repair and maintenance, health care, beauty salons more.
In this article we will go into how to find these businesses but first a little history of the commemoration.
History of Black Business Month
According to an article in National Today, [LINK] Black Business Month is… “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.”
The article tells us that Mr. Frederick E Jordan, who was an engineering entrepreneur, partnered with John William Templeton, who was president and executive editor of a publication called eAccess Corp, and through their efforts this annual commemoration came about. The year was 2004.
The article goes on to explain: “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.”
Black-owned B Corporations
We went to the B Corporation website [LINK] for more information on Black Business Month and Black-owned B Corporations where we found some important statistics. (Readers will find a listing of Black-owned B Corporations at the above link.)
“In addition to generational wealth gaps, Black Americans face a challenge in accessing money to launch a business: Less than 1% of venture capital funds go to Black-owned startups, and banks are about 30% more likely to approve loans for white-owned businesses than for Black-owned businesses.”
The article states that… “Black business owners face economic, market, sociocultural, and institutional barriers, which are all linked to racial discrimination in the United States. These barriers harm Black business owners and communities as well as the overall U.S. economy, which would see a $200 billion revenue gain if Black-owned businesses gained parity with white-owned companies.”
Black people make up about 14% of the population, but Black-owned businesses comprise only 2.2% of America’s companies with more than one employee. The shortage of Black businesses throttles the development of Black communities. Perhaps we can help to change those realities by intentionally choosing to shop with a Black-owned business.
How to Observe Black Business Month
Finding Black-owned businesses is relatively easy nowadays. A quick Google search for ‘Black-owned businesses near me’ brings up a number of listings, and the same can be said for locating online Black businesses and Black-owned restaurants. If you go out to eat this month, definitely find a Black-owned restaurant and enjoy!
Here’s a bit more from the aforementioned article: “Look no farther than #BlackFoodFridays on Instagram to be part of the super-cool movement started by Charleston, South Carolina’s writer /activist /innovator — K. J. Kearney. The aim of the movement is simple; to direct peoples’ attention to black-owned restaurants all over the country. The idea is now developing into a business, with apps like ‘EatOkra’ also doing the same.”
We hope you enjoy Black Business Month and encourage readers to explore the Black-owned business in your area.
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AMS Fulfillment is a Certified B Corporation, dedicated to People and Planet before Profit. We work to B the Change we wish to see in the world.
