August is National Black Business Month, and it's an opportunity to recognize the Black-owned businesses across the nation.
In 2020, National Black Business Month was particularly important given the disproportionate impact of COVID-19 on Black communities. Economists have indicated prior to the COVID-19 crisis, minority entrepreneurs, who own 37% of all businesses, faced greater challenges in starting, running and growing their entities. It was predicted that 40% of black businesses would not be able to survive the pandemic. According to the U.S. Census Bureau, Blacks or African Americans owned approximately 124,551 businesses, with about 28.5%(35,547) of these businesses in the Health Care and Social Assistance sector, the highest percentage of any minority group. Other categories include advertising firms, auto dealerships, consulting services, restaurants, barbershops, beauty salons.
While many businesses in the Commonwealth are navigating the sustainability of their entities and have been forced to PIVOT, there is much more work to be accomplished for small black owned businesses. COVID has added an extra layer of obstacles for black business communities to overcome. Intrinsically Black Businesses are savvy, creative and resourceful during their entrepreneurial journey. As businesses are scaling , becoming more mature and contributing jobs to the economy, there is much to be said for “Business Stamina” of the CEO’s and leaders in those organizations. The NVBCC is delving into the many layers of the black economy, local economy and global economy to support our diverse membership needs of our elite and prestigious business owners. We show we can work together to develop business in our communities and communities at large. We are willing to explore dynamics of a new business model that is set for the future growth and transformation. In celebration of Black Business Month, we invite you to become part of our community , explore the talent of our members and build relationships.
Let’s take the month of August to Celebrate all of the WINS of the Commonwealth.
HOW TO OBSERVE BLACK BUSINESS MONTH
- Support and encourage African American-owned businesses in your community.
- Search many published directories, business groups and online directories and promote them on your social media.
- Engage and invest funding to non-profit organizations. They are the hands and feet to reach those who have been impacted through lack of healthcare, food and housing.
- Invest in education programs to support the need of building a new workforce for generations to come.
- Find a Black Owned Government Contractor to explore capabilities and teaming agreements
HISTORY OF BLACK BUSINESS MONTH
Historian John William Templeton and engineer Frederick E. Jordan Sr founded National Black Business Month in August 2004 to “drive the policy agenda affecting the 2.6 million African-American businesses. Their concept of Black Business Month is simple: support Black-owned organizations to promote greater economic freedom for the Black community. To that end, Jordan and Templeton have pushed to create a more hospitable environment for Black-owned businesses to grow by reaching out to local government officials, community leaders and venture capitalists. It is through their leadership that organizations such as our chambers are trusted entities to support the needs of businesses in the community.