Here in the U.S., the month of August is dedicated to businesses owned by African Americans. It’s a time for consumers to pay special attention and focus efforts on supporting the Black-owned businesses in their communities.
Why supporting Black-owned businesses matters
Spending money intentionally isn’t a habit that can be formed overnight. While consumer spending makes up 70% of the U.S. economy, business-to-business transactions are especially difficult to shift.
Black business ownership is a path to creating sustained, multi-generational wealth. And not just wealth in the sense of money, but transferable assets like real estate, financial investments, businesses – Things that can be passed from one generation down to the next.
Making a point to support Black-owned businesses can help close that wealth gap now, and in the future.
And while spending our dollars at these institutions is imperative, there’s another aspect of helping Black-owned businesses that we can all get behind, and that’s growth. Tools like bant.io‘s lead generation and marketing automation platform, when combined with mentoring from organizations like SCORE, can help transform a business from small to big, especially in the B2B space.
More growth means more jobs, more innovation, and more national income. It’s a win-win-win scenario!
Black-owned businesses by the numbers
According to the 2020 U.S. Census, there are about 124,551 Black-owned businesses in America, with a majority of them in the Health Care and Social Assistance sector. This is the largest percentage of business ownership for any minority group.
Check out our infographic below for more stats on these community pillars!