Let's Support Black-Owned Businesses!

Let's Support Black-Owned Businesses!

February 17, 2022
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Every February, Americans celebrate Black History Month. In addition to honoring the accomplishments of Black Americans past and present, many clients often ask if they can do more. The answer is yes!

By supporting Black-owned businesses, you can further show your support for the Black community while improving your local economy at the same time. 

From 2002 to 2017, the number of Black-owned businesses with employees increased 31.2% according to data from the U.S. Census Bureau. This forward momentum is something to celebrate. 

Despite this encouraging growth, Black business owners continue to face a disproportionate number of challenges, namely a lack of access to capital. These obstacles have only been exacerbated by the Covid-19 pandemic. As a business owner myself, I am well aware of the unique hardships small businesses are facing across the country and the acute impact to Black-owned businesses has been especially troubling.

The number of active Black-owned businesses fell 41% between February and April 2020. For those that have been able to keep their doors open, a recent survey of 3,500 small-business owners found that less than 10% would describe their business as profitable and growing. 

Here’s how to get started:

  • Use Social Media: Local businesses depend on social media for much of their advertising. Make sure to sing the digital praises and recommend your favorite Black-owned business the next time you’re online. 
  • Involve Local Government: Your local government can help Black-owned businesses be more accessible to the public with wider sidewalks or ramps. Try approaching your town council or local business association to encourage infrastructure changes that can go a long way. 
  • Become A Regular Customer:Businesses thrive on consistency, especially right now. Make spending at your favorite Black-owned spot a regular event to increase revenue and give the owner a confidence boost. 

Supporting Black-owned businesses in your area is a wonderful way to keep your community diverse, local entrepreneurs thriving, and the economy strong. 

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To your success!

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with Gowdy Financial Group, LLC., broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.

Gowdy Financial Group, LLC., is a Fee-Only, Financial Advisory / Financial Planning Coach dedicated to helping women, from all backgrounds and income levels, get out of debt, save toward your goals and enjoy the freedom that comes with being in control of your money. We don't sell products; we provide solutions. "Your Goals. Our Solutions."

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