August is National Black Business Month, a perfect time to celebrate and support Black-owned businesses in the U.S. As business owners, people of color can establish financial independence for themselves and their families, and provide employment opportunities for others in their community.
Moreover, small business owners contribute to the health of the local economy by paying taxes that go into city and state coffers. When they occupy retail space, neighborhoods become more dynamic.
Starting a venture and then keeping it going is no easy feat, however. A substantial number of small businesses don’t make it past a few years, and Black business owners tend to fare worse. The Federal Reserve 2021 Small Business Credit Survey found that while most owners experienced financial hardship during the pandemic, the highest rate, at 92 percent, was reported by Black business owners. Read more.