Black Businesses: The Backbone of the Economy
Happy National Small Business Week!
For over 50 years, the U.S. Small Business Administration (SBA) has celebrated National Small Business Week, recognizing the critical contributions of America's entrepreneurs and small business owners. This year National Small Business Week starts on April 30 through May 6, 2023.
Supporting Black-owned businesses should be less of a trend and more of a movement to bridge the racial wealth gap and recycle the Black dollar. The NAACP believes that closing the revenue gap between Black and white businesses would generate an additional $290 billion for the U.S. economy.
Black businesses are the backbone of the economy, producing $141.1 billion in annual receipts, 1.3 million employees, and about $42.2 billion in annual payroll. About 27.5% or 38,819 of these businesses were in the Health Care and Social Assistance sector. Black-owned businesses are also an economic driver in Black communities while boosting employment.
"Data from the U.S. Small Business Administration indicate that Black businesses experienced greater losses than any other demographic group during the pandemic. Although there has been a surge in post-pandemic growth, Black businesses still operate within structural disadvantage not experienced by their white counterparts."
This Sunday and the rest of the week, could you focus on your contribution to Black-owned small businesses in your area? Make it an everyday practice. Refer your favorite Black-owned business to your friends and family. Connect a Black-owned business to your social media. Commit to changing a vendor to a Black-owned business. There are many ways to continue bridging the racial wealth gap.
How will you contribute to stimulating the Black economy?
- Learn more about National Small Business Week.
- Check out what the NAACP is doing to build a more inclusive economy.
- Learn more about launching your own small business.
Here are some articles about Black-owned small businesses that you will enjoy.