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://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.