Did you know August is National Black Business Month? Black Business Month was founded by John William Templeton, a historian, and Frederick E. Jordan Sr., a civil engineer, in 2004 “to drive the policy agenda affecting the 2.6 million African American businesses.”
According to the U.S. Census Bureau 2019 Census Survey, 18.3% (1.0 million) of all U.S. businesses were minority-owned. Black business owners account for about 10 percent of U.S. businesses and about 30 percent of all minority-owned businesses, totaling approximately two million companies owned by African Americans, according to the U.S. Census Bureau (click HERE to view the data). At the beginning of the pandemic, a report from the National Bureau of Economic Research showed that 41 percent of Black-owned businesses closed their businesses due to the pandemic, as compared to 22 percent of businesses overall. In 2021 and 2022 there has been an increase in Black Owned Businesses nationwide as many have modified their business to adapt to the current environment. Specifically, minority women are the fastest growing population of entrepreneurs, according to Minority Business Development Agency.
Supporting local Black-Owned businesses is easy – visit their shop, buy from them and/or use their services. Let others know about these businesses by posting on social media and tagging the businesses or simply liking and commenting on their social media post. It’s also important to show support for these businesses year-round – not just in August.
Check out our Resource page for Black-Owned Businesses in Polk County. We are working hard on expanding the list to include businesses in every city in the county.
