Why We Should Support Black-Owned Businesses
2021 shed light on the many areas that we could improve and the things that we should really value the most. One area is the major wealth gap between Black families and their counterparts.
It is high time as a society that we do our part to level the playing field once and for all for Black entrepreneurs and businesses.
Wondering what this gap really looks like?
- Between 1983 and 2013, white households saw their wealth increased by 14%. But during the same period, black household wealth declined 75%. Source
- Between February and April of last year, 440,000 Black-owned businesses in the U.S. closed. They made up 41% of the total of 1.1 million, according to the National Bureau of Economic Research. In comparison, 17% of white-owned businesses closed in the same time frame. Source
- Until the 13th Amendment in 1865, slavery legally prevented Blacks from building wealth. Source
These numbers are significant and not only show how the systematic forces have contributed to the long history of creating systems to stop Black businesses from prospering but it also illuminates the challenges that the Black community has and is still facing because of the systematic laws that have denied Black people similar rights to other races.
Let's combat these forces, by supporting Black-owned businesses over large popular brands. The importance of circulating our dollar not only helps Black-owned businesses but also the communities in which they operate. Big box stores and national chains are doing just fine without our money. So why do we continuously choose to hand over our dollars to them? It is time we make a concerted effort to spend our money where it will make a true difference and impact.
When we support Black-owned businesses we are choosing to support families, employees, and business owners. Furthermore, doing so can help to attract community investors who important banking services for promising entrepreneurs, which in turn helps to create economic strength and prosperity. By closing the racial wealth gap, the US GDP could be between 4 to 8 percent higher by 2028 source.
Supporting once is not the quick fix. It is by committing to a lifestyle of buying Black. We have long-term work to be done. Will you do your part?