Top Ways to Support Black-Owned Businesses
Why Should You Support Black Owned Businesses?
Everyday people should support Black-owned businesses to close the racial wealth gap between African-Americans who have historically been disadvantaged for centuries, and White America. Supporting Black-owned businesses means that you want to see the local economy strengthened. Supporting Black-owned businesses also helps create jobs, celebrate Black culture, and circulates the black dollar further and wider.
Listed below, you’ll find some of the top ways all of us can support black-owned businesses.
Spread the Word
Time and time again, the best marketing tool has proven to be word of mouth. Spreading the word about Black-owned businesses, especially by way of social media, gives these businesses the exposure they need to thrive and succeed. Apps like Twitter and TikTok have special initiatives put in place to amplify the voice and visibility of Black owned business owners, while encouraging people to patronize the businesses.
Writing and sharing reviews also increases the visibility of black-owned businesses, and offer praise and feedback for improvement if needed. Likes, comments, tags, and shares also go a long way with exposure.
Patronize Black Businesses Year Round
Black-owned businesses stay afloat when they are patronized consistently. Visit the restaurant, book the chef, hire the lawn care service, whatever you want, just spend your money with the black-owned business!
In the book Our Black Year, author Maggie Anderson and her husband embarked on a challenge to only patronize Black-owned businesses for all of– if not most of– their everyday needs for a year straight. Due to systemic barriers, the Anderson family learned that while it is hard to buy strictly black-owned due to lack of proximity to some businesses, it is not impossible. With intention, you too can patronize black-owned businesses year round.
Provide Equal Access To Funding
To stay afloat, Black-owned businesses need equal access to funding. Whether passing legislation, establishing strong relationships with banking institutions, or connecting Black-owned companies to organizations such as the local Chamber of Commerce, funding helps Black-owned businesses leverage resources and maximize their abilities to the fullest.
Become an Investor
Becoming an equity investor or stakeholder of a black-owned business is one of most supportive and impactful actions that you can take. According to a 2010 Department of Commerce report, minority owned businesses face a higher loan denial rate and pay higher interest rates than white-owned businesses. Fortune 100 companies are committing billions in the fight against racial inequity, and much of that money is open to Black proprietors, businesses, and investment firms.