August is Black Business Month, an opportunity to celebrate the contributions of the more than 3 million Black-owned businesses across the US. Core to Next Street’s mission is our commitment to helping small businesses facing disproportionate barriers – like those owned by Black entrepreneurs – to reach their full potential. In just the first half of this year we’ve helped connect more than 40,000 entrepreneurs of color to capital and services to help them thrive.
Black entrepreneurs hold a significant place in our country’s small business ecosystem. Not only do they embody the resilience and determination of the Black community, but they also play a crucial role in addressing systemic inequalities and driving economic growth by creating jobs, investing in their communities, and building generational wealth.
Did you know…
- Black-owned businesses generate more than $200 Billion and support more than 3.5 million jobs across the country (US Census)
- In the face of unprecedented challenges from Covid-19, Black business ownership increased by 38% compared to before the pandemic (US Census)
But historical disparities and systemic barriers have created an uneven playing field, making it more difficult for Black-owned businesses to start, grow, and thrive.
- Only 2.3% of employer firms (those with more than one employee) are Black-owned, despite Black people representing 14.2% of our country’s population (Federal Reserve)
- During the pandemic 41% of Black-owned small businesses closed compared to just 17% of White-owned small businesses (New York Fed)
- Less than 10% of SBA funding goes to Black- and Latino-owned small businesses (SBA Lending Reports)
This month, let’s recognize and celebrate the value of Black-owned businesses, and double down on our commitment to level the playing field.