We celebrate Choose Black-Owned Business Month in February — a time to amplify Black-owned businesses and diversity in our communities.
Why Celebrate Choose Black-Owned Month?
Spotlight Black-Owned Independents
One study found that when Black-owned businesses were identified as “Black-owned,” businesses saw increased customer visits. Help make it easier for people in your community to Choose Black-Owned.
Close the Wealth Gap
Black families’ median net worth was $44,900 compared to $285,000 for white families in 2022. According to the Federal Reserve, Black families have the lowest median worth of all races identified in their latest report, Changes in U.S. Family Finances from 2019 to 2022. When we drive more support for Black-owned businesses, we help families build generational wealth.
Boost Ownership
According to Pew Research, just 3% of U.S. businesses were identified as Black or African-American-owned as of 2020. That’s despite 12.4% of the overall population being Black adults. Removing this disparity leads to increased employment and economic growth.
Fuel Local Investing
Black-owned business owners receive less financing than other races. In 2022, The Federal Reserve reported that 35% of white business owners received all the funding they requested from a bank, compared to 16% of BIPOC (Black, indigenous, or person of color) business owners. This lack of capital holds back revenue growth and employment.
Embrace Diversity
Supporting Black-owned businesses cultivates a more diverse and culturally vibrant community. This vibrancy can boost community pride and tourism.
Boost Community Wealth
Building a more inclusive economy leads to more community wealth. One report from McKinsey & Company noted that closing the wealth gap could add $2 – $3 trillion of incremental annual growth to the US GDP.