August is National Black Business Month. Congratulations to all the businesses that are thriving in this new world, and thank you to the Businesses that set the stage for our success. Cheers to the influx of innovation from the young entrepreneurs and their families.
John William Templeton and Frederick E. Jordan initiated National Black Business Month in the year 2004. They shared the common goal of policy change for African Americans entrepreneurs as well as equity and inclusion.
Although National Black Business Month is almost 20 years old, black businesses can be traced back to the 1700s in the United States. During this time, free and enslaved African Americans opened small businesses. This was the “Golden Era” and Black-owned businesses doubled in existence during 1900-1930. Segregation nurtured Black-owned establishments such as Black Wall Street in Tulsa, Oklahoma, Hayti District Durham, North Carolina, Harlem New York, New York, Tenth Street Historic District, Dallas, Texas, Fourth Avenue District, Birmingham, Alabama, Jackson Ward, Richmond, Virginia, Seventh Street, West Oakland California. Today, 3.2 Million businesses generated 2.06 Billion in revenue, according to the US Small Business Administration. More than one million jobs were created.
Those numbers reflect “2.4% of the nation’s businesses, while white-owned businesses account for 86.5%, even though Blacks represent 12.8% of the population.” Most black-owned businesses suffer because of limited access to capital, funding opportunities, equity, and inclusion–in addition to the businesses being run by a first-generation entrepreneur. In spite of the stimulus program, many black-owned businesses never recovered after the pandemic. Nearly 60% of Black businesses were facing financial troubles before the pandemic compared to “less than 30% of white-owned businesses” according to the Black Chamber of Commerce. From my observation, the George Floyd effect caused awareness of the disparities. Corporations, nonprofits, mid-businesses, and banks wanted to bridge the gap and provide an opportunity for Black Owned Businesses.
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Thank you for reading Dr. Leslie Grace’s article on scoopnewsusa.com. For more on “Mastermind The Hustle”, please subscribe to SCOOP USA Media. Print subscriptions are $75 and online subscriptions (Print, Digital, and VIZION) are $90. (52 weeks / 1 year).
