During Black History Month, we honor the accomplishments of African Americans throughout history and their influence locally and nationwide. A celebration of these achievements wouldn’t be complete without highlighting the incredible impact of Black business owners.
Black-owned businesses are essential resources for their communities and the entire U.S. They provide valuable goods and services to meet customers’ needs while significantly contributing to the local and national economies.
According to the U.S. Small Business Administration Office of Advocacy, there are over 3.5 million Black-owned businesses in the U.S. These businesses contribute over $217 billion to the economy annually.
Black-owned businesses also support the job market and create valuable opportunities in their communities. Throughout the U.S., they employ more than 1.2 million workers and distribute over $40 billion in payroll.
These contributions are especially notable considering the barriers that Black business owners face. Gaps in access to capital make it difficult for Black-owned businesses to keep their doors open when they need financial support. Addressing these gaps and supporting Black-owned businesses is key to helping them thrive.
Visiting Black-owned businesses should be on your to-do list all year, but Black History Month is a great time to show them extra love. As we celebrate Black History Month, here are some things you can do to support Black-owned businesses:
- Become a customer. Whatever you need, get it from a Black-owned business!
- Spread the word. Tell your friends, family, and community about the businesses that you support, or give them a shoutout on social media. Recommendations are one of the most effective ways for businesses to gain new customers.
- Leave a review. When you have a positive experience with a small business, share it on online review platforms such as Google, Trustpilot, and Yelp. People look to these sites to decide who deserves their business, and you can help them make those choices.
- Update your wardrobe. If you love a business and they have merchandise, buy an item that you can wear with pride. This is another great way to bring attention to businesses and introduce new customers to them.
- Share your appreciation. Small business owners do everything they can to ensure you have a great customer experience. Let them know that you appreciate their hard work and commitment to your community. A few words of encouragement can make all the difference in their day.
When you support Black-owned businesses, you support their impact in your community that will last for generations to come.