Background:
Historically, black-owned businesses have always been the target of inequitable government policies and racial mistreatment, like in the New York’s 1850’s Seneca Village and Tulsa Race Massacre.
Currently, even though female black entrepreneurs are the fastest-growing group, they face the greatest barriers to accessing capital whether it is getting denied for credit or venture capital funding. They were also 90% ineligible for money or loans during the 2020 Cares Act.
Why you should support black-owned businesses:
- Strengthens communities
- Creates more jobs
- Betters the economy, especially within the black community
- Closes the racial wealth gap
- Celebrates black cultures
- Holds companies accountable
- Creates further visibility and representation
Here’s some ways to do it:
- Be intentional from who you buy from. Seek out black-owned businesses. Share those recommendations with your network. Consider launching or participating in a Buy Black Challenge.
- https://twitter.com/AriLennox/status/1271173707185127425
- https://officialblackwallstreet.com/directory/
- https://webuyblack.com/
- https://www.thenilelist.com/ (allows you a lot of options like women-owned, LGBTQ owned, cruelty-free, and more!)
- Hold other businesses accountable for their black business support efforts.
- Listen and uplift the stories of black founders.
- Understand the barriers that black entrepreneurs face and use your privilege to reform those systems.
- Sponsor black entrepreneurs, through activities like social capital, marketing collaborations, or investing.
- Volunteer your services.
- Do business with black-owned companies as suppliers or contractors.
- Take a standby pledging dollars, shelf space, or partnerships! One recommendation is donating to Canopy’s 27 Fund, which will lead to community and neighborhood investing in black-owned businesses.
Learn more:
- https://www.tulsaworld.com/news/revisit-the-history-of-tulsas-race-massacre-of-1921/article_0e9e3208-a109-11ea-8fcb-d779f15e9e22.html
- https://www.dnainfo.com/20110728/upper-west-side/africanamerican-community-thrived-where-central-park-stands/#ixzz1TUZ1NLbM
- https://www.greenamerica.org/blog/6-reasons-support-black-owned-businesses
