Support black-owned businesses.  Black-owned businesses often drive innovation and promote positive change. Black entrepreneurs often bring fresh perspectives and unique ideas to the market, inspiring creativity and driving progress. By choosing to support black-owned businesses, we can help to create a more diverse and inclusive business community where everyone has an opportunity to succeed.

One inspiring example of a successful black-owned business is Fenty Beauty, founded by Rihanna in 2017. Fenty Beauty has made a huge impact in the beauty industry by offering a diverse range of makeup shades that cater to people of all skin tones. Rihanna’s entrepreneurial spirit and commitment to inclusivity have helped to create a brand that resonates with customers all around the world.

Support Black Owned Business  – Help close the gap

The lack of generational wealth has had a significant impact on the black community, both historically and in the present day. Due to centuries of systemic racism and discrimination, black families have been unable to build and pass down wealth in the same way that white families have. This has created a wealth gap between black and white families, with the median wealth of white families being many times higher than that of black families.

The lack of generational wealth has also limited opportunities for black individuals and families. Without financial resources, it can be difficult to access education, start a business, or invest in the future. This can create a cycle of poverty that is difficult to break, as opportunities for upward mobility are limited.

The current and past practice of preventing black people from homeownership has severely limited the ability to pull the equity to fund businesses, help with a college education, help children buy homes, and pass down generational wealth to loved ones. According to Fundera, “The racial funding gap is very real. Federal Reserve numbers show that 80.2% of white business owners receive at least a percentage of the funding they request from a bank. Only 66.4% of BIPOC (Black, indigenous, or people of color) business owners can say the same.”

Support Black Owned Business is the secret to leveling the playing field

Help Black business owners are funded fewer times than other groups and at higher interest rates. Black business owners are turned down or not considered for loans. Pew research reports that white households are 13 times as wealthy as black households. An article on Fortune.com stated, “Indeed, Black-owned small businesses often face more hurdles in getting capital due to a variety of factors including the racial wealth gap, lack of collateral for loans, and often fewer banking relationships.” Only 1% of Black-owned businesses receive business loans.

Additionally, the lack of generational wealth has made it more difficult for black families to withstand economic shocks, such as job loss or illness. Without a financial safety net, black families may be more likely to fall into debt or experience financial hardship in times of crisis.

Support black-owned businesses and be part of the positive impact on the communities in which they operate. By creating jobs, supporting local suppliers, and investing in community initiatives, these businesses can help to strengthen the social and economic fabric of their local area.

Overall, the lack of generational wealth has had a profound impact on the black community, limiting opportunities and perpetuating systemic inequality. Addressing this issue requires systemic change, including policies that promote economic opportunity and address historical injustices. Supporting black-owned businesses and advocating for policies that promote economic equality are important steps in addressing this issue.

Are you a Black-Owned Business Owner?

Check out these resources to get more visibility and business assistance.

• Check out Google Digital Coaches
• Place Your Business Profile in Google Business
• Use SCORE Business Mentors
• U.S. Black Chambers by Black Directory