Expanding Support for Black Owned Businesses Through Federal and State Programs

WHEREAS, Black-owned businesses are a vital part of the U.S. economy, contributing over $150 billion in revenue annually and employing millions of workers; and

WHEREAS, National Black Business Month, celebrated annually in August, serves as a time to recognize and promote the significant contributions of Black entrepreneurs, while also raising awareness about the systemic challenges they continue to face; and

WHEREAS, Systemic barriers, including limited access to capital, discriminatory lending practices, and lack of government contracts, continue to hinder the growth and sustainability of Black-owned businesses; and

WHEREAS, A 2024 report from the Brookings Institution found that Black entrepreneurs are twice as likely to be denied business loans compared to their white counterparts, despite having similar credit profiles; and

WHEREAS, Disparities in venture capital funding persist, with Black-owned startups receiving less than 2% of total venture funding in the United States; and

WHEREAS, Federal and state programs designed to support small businesses often fail to reach Black business owners due to bureaucratic barriers and inadequate outreach efforts.

THEREFORE, BE IT RESOLVED, this Resolution reaffirms the 2003, 2006 and 2016 resolutions addressing Black owned businesses.

BE IT FURTHER RESOLVED, that the National Association for the Advancement of Colored People urges federal and state governments to increase funding for Black-owned businesses through expanded grant programs, low-interest loans, and technical assistance initiatives.

BE IT FURTHER RESOLVED, that the National Association for the Advancement of Colored People calls for mandatory equity audits in federal and state contracting to ensure Black-owned businesses receive fair access to government procurement opportunities.

BE IT FURTHER RESOLVED, that the National Association for the Advancement of Colored People supports policies requiring banks and financial institutions to eliminate discriminatory lending practices and expand access to capital for Black entrepreneurs.

BE IT FINALLY RESOLVED, that the National Association for the Advancement of Colored People will collaborate with policymakers, economic development organizations, and Black business networks to advocate for legislation and programs that foster long-term economic growth for Black owned businesses.