Did you know that August is National Black Business Month? Black Business Month is a month-long celebration of Black-owned businesses all across the country. It was originally founded by Historian John Templeton and Fredrick Jordan Sr. in August 2004. The mission of this movement is to help fund, create, and empower Black businesses. By highlighting Black entrepreneurs and encouraging people to support them, this month recognizes the importance of Black-owned businesses to Black communities and their contributions to the economy.
The Black community has been severely impacted by COVID-19 but has traditionally suffered from a lack of funding and resources.
Blacks often face challenges that others don’t when it comes to receiving loans, partnerships, and sometimes even permits for their businesses. There has been an uptick in revenue for Black businesses since the June protests and Black Lives Matter movement, however, there is still a huge gap between Black businesses and other U.S. businesses. Today Black businesses make up around 10 percent of U.S. businesses and about 30 percent of all minority-owned businesses. That rounds out to about 2.5 million. Read more!