Why Black Business Month is Great, but Support Year-Round is Better
- Black-owned businesses were heavily affected by the pandemic, with 40% of the companies having to shut down because they could not attain sufficient funds to keep their business running.
- Large corporations are now partnering with Black-owned businesses to be more inclusive and help local economies flourish.
- In order to close the racial wealth gap, it is important to support Black businesses year-round.
August is National Black Business Month, and the celebration and notoriety of the month have increased over the past few years. However, despite the increased buzz, the COVID-19 pandemic has made living conditions increasingly difficult for everyone, especially those who own Black-businesses. According to the Federal Reserve Bank of New York, fifty-eight percent of Black entrepreneurs revealed that they are experiencing times of financial difficulty.
As a result of the economic downturn, forty percent of Black-owned businesses have been forced to permanently close their doors to the public. This year, August 2021, the Black community saw much support during National Black Business Month. However, there is still much work to do to close the racial wealth gap.
Corporations Partnering With Black-Owned Businesses
Large corporations partnering with Black-owned businesses at scale is relatively new and became center stage after the murder of George Floyd. While the long-term pledge to support Black-owned businesses is still unclear, numerous companies have put action behind their public commitments. Two of those companies are Coca-Cola and Target.
Coca-Cola announced in October of 2020 that they would be committing $500 million to Black-owned suppliers over the next five years. The company recognized that African-American businesses have been struggling due to the pandemic. By partnering with one of the largest beverage companies in the world, many Black businesses will now have a steady stream of income for the next couple of years.
Another company that announced they would be working with Black-owned businesses is Target. The giant retailer announced they will spend $2 billion on Black-owned businesses by 2025. The funds committed will be used to add new Black-owned products onto the shelves at Target and for maintenance alongside other services.
Why It’s Important to Support Black-Owned Businesses
The state of Black businesses is unwell due to the COVID-19 pandemic and its economic effects. It is important to continue supporting Black-owned businesses throughout the year and not just in the month of August in order to close the gap between minority business owners and their white counterparts.
How to Support Black Business Owners
The best and most straightforward way to support African-American-owned businesses is to purchase your items, needs and wants, from their store. Buying from Black-owned establishments will help the owners stay in business. A bonus is that it is also a great way to get to know people in your community.
Promote On Social Media
If you are dining or shopping at a local Black-owned shop, social media is a great way to show additional support. By tweeting or posting on your Instagram or Snapchat stories, you can show off the stellar product or services and help the business gain more customers. By using the power of social media to help spread the word, you are assisting in growing their consumer base and allowing them to become more well-known and profitable.
Leave Positive Reviews Online
You can leave positive reviews on sites such as Google and Yelp!, which will help the local business attract foot traffic from people who live in or visit the area. People who wish to support local businesses but do not know which ones to choose from often use these reviews to find popular local businesses in their area. As a result, leaving excellent reviews about the business can go a long way.
What are some reasons you support Black-owned businesses? Let us know in the comments below.