4 reasons you should support black-owned businesses 

Published: July 23rd, 2020, at 1:06PM E.T 

By: Victoria Agwam

In NYC, African Americans account for 22% of the population yet only 2% of business owners are black. This statistic is very telling of the economic inequities present not only in New York but in America.

Image credits: Associated Press, Jermail and Brandi Shelton: business owners of Just Add Honey Tea 

Black Owned-Businesses have taken an especially hard hit due to COVID-19

The number of active business owners in the United States declined by 3.3 million or 22% over the crucial two-month window from February to April 2020. Black-owned businesses experienced a disproportionate 41% drop (Latinx 32%, Asain 26%, white 17%). America lost about 450,000 active African American businesses as the pandemic intensified. 

1. 

The growth & development of black-owned businesses could translate into more jobs & money  for the economy 

AEO( Association for Enterprise Opportunity) calculations show that if Black-owned businesses were able to reach employment parity with all privately held U.S. firms, about 600,000 new jobs would be created with $55 billion in gains to the economy.
As of now, 96% of black-owned businesses are non-employer firms, compared to 81 percent of all firms in the United States 

2. 

3. 

Black ownership as a means of economic advancement 

Historically disadvantaged groups, such as Chinese, Japanese, Greek, Jewish and Italian immigrants have used business ownership as an avenue towards economic advancement.

4. 

Black-Owned Business ownership has a less favorable industry distribution 

The national percentage of business owners in the essential industry is 76%, however, African-Americans only 66% of black business owners are in the industry. This places them in an unfortunate spot during a pandemic where non-essential industry personnel suffer the most financially  

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Image by David Rangel

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