Support Black-Owned Businesses This Black History Month!
ABOUT
With February being Black History month, as we take time to honor the past and educate ourselves on those that help shape civil rights today, we also take time to honor and support those that are a part of the Black community today. There are many ways to support and show allyship during Black history month and beyond—one of those ways is supporting and purchasing from Black-owned businesses.
First, let’s define a Black-owned business. A Black-owned business is generally defined as a for-profit enterprise that is at least 51% owned, managed, controlled by one or more Black individuals. Black-owned businesses have historical roots in the post-Civil War reconstruction era and are important due to their role in fostering economic empowerment, community development, and addressing systematic economic exclusion.
Black-owned businesses also help to close the racial wealth gap. According to various sources, Black-owned businesses are crucial for narrowing the United States racial wealth gap. This is because business ownership creates twelve times more wealth for Black families than non-ownership, contributing over $207 billion to the economy. Despite making up 14.4% of the population, Black-owned businesses represent only 2.7-3.5% of employer firms, facing significant barriers like limited access to capital.
Additionally, studies show that with the increase of Black-owned businesses comes the increase in job creation and community investment. Black-owned businesses provide over 1.3 million W-2 jobs. They play a crucial role in helping to create employment opportunities in the Black community where jobs may be limited. These businesses are also more likely to hire locally and reinvest in their communities, which then creates a multiplier effect where money circulates locally rather than leaving the area.
Despite Black-owned businesses contributing significantly, these businesses often face structural barriers, such as limited access to capital. Increased support and investment in Black-owned businesses are essential for a more robust and equitable national economy. One meaningful way we can all contribute is by intentionally seeking out and supporting these businesses in our own communities.
Therefore, I have compiled links for every region that show you all the Black-owned businesses in every region that Samet has an office in: Charlotte, Wilmington, Raleigh, Charleston, Savannah, and Greensboro! If you are in Charlotte, visit Archive CLT! It is a coffee shop and culture hub. It is at the top of my list of favorite spots.
If you are looking for a more alcoholic and bar atmosphere—then check Lorem Ipsum out. They offer mixed drinks and curated live DJ sets on certain nights!