By Tyronda James
Happy National Black Business Month! August is National Black Business Month.
The National Black Business Month was the creation of entrepreneurs, historian John William Templeton and engineer Frederick E. Jordan Sr. to bring attention to the needs of more than two million Black-owned businesses operating across America.
Black Business Month is celebrated annually during the month of August, as a time when individuals and businesses recognize Black-owned businesses across the country.
During Black Business Month, local government officials, community leaders and venture capitalists are encouraged to focus efforts on supporting Black-owned businesses and creating a more hospitable environment in which Black-owned businesses can grow. Black businesses are essential to the people and communities they serve and operate in.
Jordan and Templeton founded the month to “drive the policy agenda affecting the 2.6 million African-American businesses.” They both shared the drive for entrepreneurship of Black businesses and the importance to economic growth.
Templeton, a historian, business journalist and demographer, was president and executive editor of the oldest Black newspaper in America, eAccess Corp. Frederick E. Jordan didn’t have many financing options when he started his engineering and construction management company in 1969. Now, F. E. Jordan Associates Inc., has international reach, but it led him to realize that the odds are still not in favor of Black entrepreneurship.
Black business owners account for about 10 percent of U.S. businesses and about 30 percent of all minority-owned businesses. According to the U.S. Census Bureau, that amounts to approximately two million companies owned by African Americans.
Nearly 40 percent of black-owned businesses are in health care and social assistance, repair and maintenance, and personal and laundry services. Other categories include advertising firms, auto dealerships, consulting services, restaurants, barbershops, beauty salons, and more.
Among cities, New York has the most black-owned businesses in the U.S. followed by Atlanta. The highest ratio of black-owned businesses is in Washington, DC where 28% of all businesses are black-owned. The growth of black-owned franchise businesses has been explosive. Five years ago 20% of franchise businesses were black-owned but now it is up to 30%.
Jordan and Templeton’s desire for the celebratory month was to uplift and celebrate Black businesses through the unique and enormous challenges they face, as well as expand the support and existence of Black-owned businesses across the nation.
So support a Black Business today. And again, Happy National Black Business Month!
For further information regarding National Black Business Month and ways to support Black-owned businesses visit https://blackmoney.com/ or https://blackmoney.com/nationalblackbusinessmonth/.