It's Black History Month and in the spirit of entrepreneurship we wanted to compile and share a few resources that would be helpful for our followers that are Black business owners or aspiring to own their own business some day!
We learned that there were an estimated 134,567 Black- or African American-owned businesses with $133.7 billion in annual receipts, 1.3 million employees and about $40.5 billion in annual payroll in 2020. Did you know that 25.8% of businesses in the US are black owned?
And of that 25.8%, 35% of are owned and operated by women 🙌 Support your local Black and owned businesses by purchasing all year round and let's get that number higher.
Resources for Black Business Owners
Local Chapters of Black Small Business AssociationIts main focus is to help improve access to contracting and procurement opportunities for Black-owned businesses. They have many events, funding, and helpful guidance for business owners.Black FoundersAn organization that aims to empower Black entrepreneurs and provide them with access to mentorship, funding, and advice. It’s a great resource because it places an emphasis on technology entrepreneurship, an area where Black entrepreneurs have been severely underrepresented in past years.National Minority Supplier Development CouncilAn organization dedicated to expanding business prospects for certified minority-owned businesses. It manages the Company Consortium Fund, a nonprofit business development program that provides financing and business consultancy services to its members' businesses.Minority Business CertificationsMinority business certifications help Black-owned businesses succeed because it increases the likelihood of the business receiving contracts from large corporations. Gaining this type of certification gives minority business owners the competitive edge they need to compete with well-established entities. In addition, it also allows them to benefit from public and private programs that can help their business succeed financially.U.S Small Business AssociationSBA is also a learning platform with information about starting, maintaining, and growing small businesses. Not to mention, it has specific resources for veteran, women-owned, and Black-owned businesses. The SBA is the perfect starting point for entrepreneurs who need guidance to get over the first few hurdles.Minority Business Development AgencyThe MBDA plays an important role in helping Black business owners by providing guidance on how to make export-ready products and get funding.Black Owned EverythingA unique resource to help you market your Black-owned business. The organization has a popular Instagram account and you can apply to be featured on their page. This helps give your business publicity and exposure on a national level.Small Business Empowerment ProgramThe 8-week training program is designed for entrepreneurs and small business owners in low-income neighborhoods. This program offers business training and financial counseling with lending services. By partnering with more than 25 direct lenders across the country, Operation Hope provides access to a wide range of small business lending options. In addition, participants can access business services, training, and other resources.Coalition to Back Black BusinessesThis organization gives grants to Black-owned businesses with employee sizes 3-20.