Are You Trying to Support More Black-Owned Businesses?
The past year has been extra rough for Black people. In celebration of Juneteenth, lets make a conscious effort to support the Black economy by buying Black-owned.
After the protests and conversations around George Floyd, there was much talk about supporting Black-owned businesses as a way to help the Black community going forward. So we decided to use our platform to highlight four Black female business owners and discuss what inspired them to start their company and how it uplifts the Black community. It is imperative to make a conscious effort to take that extra step to support Black-owned businesses whether its where you buy your clothes, skin care products or food. Let us not just support Black businesses during pain, but incorporate the effort into our everyday lives.
Stats on Black-owned businesses during 2020
- While African Americans consist of 13 percent of the US population, they only own 7 percent of the businesses.
- The number of working African American business owners in the United States plummeted more than 40 percent as the coronavirus shut down much of the economy — a far steeper drop than other racial groups experienced, confirming fears the pandemic would deepen inequalities in the business world. — The Washington Post
- Of all of the businesses that have struggled to access relief from the Paycheck Protection Program, minority-owned businesses have taken the biggest hit. A set of conditions that have favored larger businesses, including many banks only approving loans for existing customers, have shut out many minority-owned businesses. For those that have received loans through the program, advocates worry some of the conditions may make it harder for many to qualify for their forgiveness, potentially saddling them with years of debt.
- As the killing of George Floyd has fueled a worldwide outcry against racism and police brutality, many on social media are encouraging people to spend their money at Black-owned businesses. Lists of local retailers, artisans and manufacturers have been circulating on Instagram, Facebook and Twitter, helping Black-owned businesses raise their profile at a time when the coronavirus pandemic has ravaged the economy. — AP
- According to Google, searches for “Black-owned businesses near me” reached an all-time high last month in the U.S.
Black Entrepreneur Interviewees
- Camille Hugh, creator of Cards That Make You lol — A Game of Hit or Miss Party Tricks (Kia)
- Zari Taylor, creator of Zari Alyssa PNG (Amari)
- Patricia Striggles, creator of The Motherland Plug (Rachel)
- Tiffany James, creator of CAAB Customs (Janae)
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