Black Business Month
In the United States, there were an estimated 134,000+ black-owned businesses that employ over 1.3 million employees and pay over $50 billion in annual payroll. Needless to say, black-owned businesses are important to every American and the country as a whole. That’s also why we encourage everyone to observe August as Black Business Month.
During this month, everyone should take the time to recognize black-owned businesses across the country and support them whenever possible. August is also a good month for people to advocate on behalf of black-owned businesses to enact policies that continue to allow them to grow and thrive.
The History of Black Business Month
Black Business Month was created in 2005 by engineer Frederick Jordan and historian John William Templeton. They created this month to help push forward policies that affect the 134,000+ black and African-American-owned businesses in the United States.
Some Interesting Facts About Black-Owned Businesses
We wanted to list some facts about black-owned businesses, so we did a little bit of research and gathered them. After we gathered them all together, we then listed them in a convenient bullet list below. We hope everyone finds the following factoids interesting.
- Washington, D.C., has the highest percentage of black-owned businesses in the U.S.
- In Washington, D.C., about 28% of all businesses are black-owned.
- In Georgia, about 20% of all businesses are black-owned.
- In Illinois, about 19% of all businesses are black-owned.
- African-Americans make up 13% of the total U.S. population but only own 7% of the businesses.
- Approximately 38% of black businesses operate in health care and social assistance, personal and laundry services, and repair and maintenance services.
- There are special lending programs to assist African-Americans and other minorities in securing a business loan.
- There are also non-profit groups that offer free training workshops and grants to minorities.
- All during Black Business Month, there are also conferences held to offer unique business opportunities to African-Americans.
Observing Black Business Month
This month is extremely easy to observe. All people have to do is advocate for and support the black businesses in their communities. It’s also a good month for African-Americans to think about starting their own business, if they don’t already own one, and to find the resources that are available for making that dream a reality.
Everyone is also encouraged to spread the news about this month using the hashtag #BlackBusinessMonth on social media. This month, every American should consider observing this month to support more black businesses in this country.