August is Black Business Month, a time to highlight and celebrate Black-owned businesses in the United States and raise awareness of Black entrepreneurs and the challenges that affect their businesses.
10% of all American businesses are Black-owned and they generate more than $200 billion annually. While these numbers are positive, Black businesses experience obstacles when starting up and turning a profit.
This month we reflect on the history of Black businesses and the resilience of the Black community and Black entrepreneurs.
For generations, Black businesses have made significant contributions to the U.S. economy.
Starting in the late 1700’s free and enslaved Black people opened barbershops, tobacco shops, and shoemaking shops, to name a few. During 1900 - 1930, Black business really began to boom due to the Jim Crow Laws segregating African Americans, forcing them to build their own communities separate from whites.
Historically, Black businesses have endured systematic racism and violence. In 1921, the Tulsa Race Massacre destroyed the Black-owned district of Greenwood in Tulsa, Oklahoma. This District was nationally recognized as “Black Wall Street,” for its affluent Black community. The series of riots robbed African American families in Greenwood of their businesses, community, and legacy.
Current research indicates that Black-owned businesses receive significantly less funding and have overall less access to capital.
Mentorship within the community is also limited, making networking and general supportive resources scarce. Black Business Month allows these businesses to get more recognition. Sourcing Black-owned business products and services help stabilize our communities and create opportunities for everyone, including building generational wealth for these communities. Strengthening the local economy, while fostering job creation and revenue in the Black community is a great way to celebrate Black culture.
This month, be sure to support Black-owned businesses.
Support can come in many forms:
- Make A Purchase
- Engage on Social Media
- Make Referrals
- Word of Mouth
Taking the time to spend money with Black businesses helps contribute to strengthening the economy, encourages job growth, and aids in closing gaps in equity and opportunity. The COVID-19 pandemic created a disproportionate impact on the growth of Black entrepreneurship. To continue efforts to generate long-term growth for these businesses, it’s critical to support them year-round.
Evan W. Smith Funeral Services is proud to celebrate with other Black-Owned Businesses and is honored to serve its Wilmington and Dover communities.
About Evan W. Smith Funeral Services: Since 2009, residents of Wilmington, Dover, and the surrounding Delaware community have relied on the caring staff at Evan W. Smith Funeral Services to help them through their darkest hours. Family-owned and operated, the company offers an array of elite funeral care services, including traditional funerals, cremations, memorials, pre-planning, grief counseling, and more. With decades of experience in caring for families from all cultural backgrounds and diverse walks of life, Evan W. Smith Funeral Services is committed to creating memorable, uplifting experiences that always exceed expectations. For more information, please visit www.ewsmithfs.com.
Sources:
- https://www.jumpstartinc.org/celebrating-black-business-month/
- https://america250.org/news/black-business-month/
- https://www.forbes.com/sites/forbesfinancecouncil/2021/02/23/why-its-crucial-to-support-black-owned-businesses-on-both-corporate-consumer-levels/?sh=66ae44202ede
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