National Black Business Month is an opportunity for consumers and proprietors to support businesses founded by Black Americans. According to SCORE, a resource partner of the U.S. Small Business Administration, Black entrepreneurship is on the rise, benefitting both local communities and the U.S. economy. There are more than 3 million Black-owned businesses in the U. S. generating $206 billion in annual revenue and creating 3.56 million U.S. jobs. In a recent data report, Black business owners reported a 23% uptick in annual revenue growth — twice as fast as overall U.S. employer-businesses.
Read ahead to see how celebrities and multi-billion dollar brands are coming to the forefront to celebrate and support Black-owned businesses in different spaces!
The Fashion & Beauty Industry Kick Off National Black Business Month:
H&M in partnership with Buy From a Black Woman recently bought pop-up stores in cities in the U.S., spotlighting Black woman-owned businesses and brands in different industries. BFABW is a nonprofit organization that educates, empowers and inspires Black Women Business Owners and the people who support them. American singer Normani Kordei Hamilton kicked things off on July 22 in Los Angeles when she visited the organization’s pop-up store.
“Black women have been leading the numbers when it comes to starting a business. Annual sales for Black women business owners are five times smaller than all women-owned businesses due to lack of support and awareness. I continue to seek out Black-owned businesses and products for all aspects of my life,” Normani told WWD.
The Culinary Arts Show Support For Black Entrepreneurs:
To kickstart National Black Business Month, Marcus Samuelsson, Ethiopian-born celebrity chef and television personality, sat down with Good Morning America. The restaurateur emphasized the importance of Black entrepreneurs getting access to institutional money and resources in addition to the significance of Black culture.
“I just think that now there are so many more programs out there whether it’s writing — you can write to a grant or you know there’s so many different ways to get access to financing today, so we really come far, but I think it’s super important to have months like this to talk about it because it might not be something other people are thinking about,” he said.
Food Corporations Make a Commitment To Encourage Black-Owned Businesses:
In 2020, PepsiCo committed multi-million dollars to support underrepresented communities by creating Pepsi Dig, a platform that creates access and visibility for Black chefs and restaurateurs. This year, the multinational corporation supports Black-owned restaurants by picking up the tab for $100,000 in meals for foodies nationwide. With the mission to guide Black business owners on accessing capital and utilizing marketing tools to make their presence known, PepsiCo is devoted to highlighting minority groups within the culinary community.
Additionally, the American supercenter chain Meijer is hosting a one-day Black Business Month Summit on August 16th to generate opportunities and establish connections between Black business owners and Meijer merchants. The company is committed to providing Black-owned businesses the opportunity to demonstrate their products’ quality, uniqueness, and value directly to our buyers.
“In celebration of Black Business Month this August, the Summit is aimed to highlight the achievements, contributions, and economic impact made by Black entrepreneurs and business owners,” announced Carla Hendon, Director of Supplier Diversity at Meijer.
To ensure that Black-owned businesses feel loved this month, La La Anthony, American television personality and actress, has teamed up with Now and Later for a campaign called “Pause Now, Hustle Later.” This collaboration designed to promote self-care includes the brand committing $50,000 in financial support to selected small businesses through the ‘Pause Now, Hustle Later’ Grant. Each business will receive $10,000 that will help fuel their hustle and aid in their continued growth.
Coming together to appreciate Black-owned businesses across the country is a powerful way to empower Black founders and uplift our community. The impact of National Black Business Month is not limited to August alone, and by shedding light on the journeys of Black entrepreneurs, we create the pathway for economic empowerment. Check out these Black-owned brands and businesses that you can support!