The fabric of America is incredibly diverse and continues to grow increasingly so. Almost 40% of people identify as racial or ethnic minorities today, with just over 12% identifying as Black. And incredibly, five states, including California and Texas, are populated by more than 50% minority populations. Because of this growth, giving small, Black-owned businesses the specialized support they need to grow and thrive is more important than ever.
This month is dedicated to celebrating and supporting Black-owned businesses, which make up only 10% of all businesses in the United States. Yet, there are 41.6 million Black Americans currently living in the US. While there are many successful Black-owned businesses, there is still much work to be done, considering there are only seven Black billionaires. To succeed, Black-owned businesses can utilize many great programs available, including:
- The US Small Business Administration is an excellent resource for budding businesses and even works with Resource Partners at Historically Black Colleges and Universities to provide tools and training to business leaders.
- Black Owned Business Expo is another great resource, providing a platform for Black-owned businesses to showcase their products and services. They also offer business coaching and mentorship programs.
- The US Department of Commerce’s Minority Business Development Agency offers many events, initiatives, and other resources to support minority-owned businesses within the US.
With these and other available resources, we can hope to raise the percentage of Black-owned businesses from 10% to represent a more equitable space within the economy.