MONEY & POWER: The vital need for Black Business Month

Hugh Straight
2 days ago
2 min read

We should still celebrate Black Business Month in August because it's a vital way to promote economic empowerment, support communities, and address historical and ongoing systemic inequalities, regardless of the status of other initiatives like DEI. Black Business Month isn't just a celebratory event; it's a focused effort to highlight the contributions and challenges of Black entrepreneurs.

From landscape irrigation rebates to smart irrigation practices, there are so many ways you can conserve water and save money when you #WaterWisely. Learn how to receive a free assessment of your irrigation system & more by visiting miamidade.gov/waterwisely

The Purpose of Black Business Month

Black Business Month was established in 2004 by historian John William Templeton and engineer Frederick E. Jordan Sr. to bring attention to the needs and contributions of Black-owned businesses. The goal was to drive policy changes and create a more hospitable environment for Black entrepreneurs. The month serves several key functions:

Recognition and visibility: It raises public awareness of the significant role Black entrepreneurs have played in the American economy, from the "Black Wall Street" of Tulsa, Oklahoma, to the millions of businesses operating today. It also helps increase the visibility of these businesses, which can lead to increased sales and profits.
Economic empowerment: Supporting Black-owned businesses is a direct investment in the economic well-being of Black communities. Black-owned businesses are more likely to hire from within their communities, creating jobs and helping to close the racial wealth gap.
Addressing systemic barriers: Black entrepreneurs have historically faced and continue to face significant challenges, including limited access to capital, discriminatory lending practices, and unequal opportunities. Black Business Month shines a light on these issues and encourages efforts to dismantle these obstacles.

Why It's Still Important Today

The push to eliminate DEI programs makes celebrating Black Business Month even more critical. While DEI policies aimed to address systemic issues within institutions, the celebration of Black Business Month is a grassroots effort that encourages direct consumer action.

Consumer power: When consumers intentionally support Black-owned businesses, they are actively participating in creating a more equitable economy. This form of support is a powerful way to promote diversity and inclusion in the business world, regardless of institutional policies.
A separate, but related, mission: Black Business Month and DEI programs share the common goal of promoting equity, but they operate on different scales. The former is a community-driven initiative that focuses on supporting individual enterprises and entrepreneurs, while the latter are often corporate or government-level policies. The removal of DEI programs doesn't negate the need for the kind of direct, community-level support that Black Business Month provides.
Continued growth: Despite the challenges, Black-owned businesses have been growing. From 2017 to 2022, the number of majority Black-owned firms with employees increased by over 31%. Celebrating this growth and the resilience of these entrepreneurs is crucial for inspiring future generations.