Jul 31, 2023
Developing Black Entrepreneurs
African American-owned businesses are a growing force for economic empowerment in the United States. In 2022, they represented over 9% of all U.S. businesses, generating $133.7 billion in annual receipts and employing 1.3 million people. This growth has been particularly pronounced since the pandemic, with the number of Black business owners increasing by 28%.
The growth of Black-owned businesses is good news for the economy. These businesses contribute $40.5 billion in annual payroll and are more likely to be in low-income communities, providing much-needed jobs and services to these areas.
However, Black-owned businesses continue to face a number of challenges, including a lack of access to capital and community-centric support. These challenges can make it difficult for Black businesses to grow and succeed.
Despite these challenges, Black business owners remain optimistic about the future. A survey by Goldman Sachs found that 81% of Black business owners were optimistic about the financial trajectory of their businesses in 2023.
This optimism is well-founded. The growth of Black-owned businesses is a sign of the economic and social potential of the African American community. With continued support, Black businesses can play an even greater role in driving economic growth and opportunity in the years to come.
Wealth Management Financial Advisors launched Developing Black Entrepreneurs, a collection of practical resources to help Black business owners grow and scale their businesses. This educational program is specifically designed for Black business owners and highlights topics that are vital to business growth and sustainability.
National Black Business Month is a time to recognize the contributions of Black entrepreneurs and to celebrate the growth of Black-owned businesses. It is also a time to reflect on the challenges that Black businesses face and to commit to supporting them in the future. By supporting Black-owned businesses, we can help to create a more equitable and prosperous economy for all.
Here are some ways that you can support Black-owned businesses:
Shop at Black-owned businesses. This is the best way to support Black entrepreneurs and help them grow their businesses.
Donate to organizations that support Black-owned businesses. There are many organizations that are working to help Black businesses succeed.
Spread the word about Black-owned businesses. Let your friends, family, and colleagues know about the great businesses in your community.
By taking these steps, we can help to ensure that Black-owned businesses have the resources and support they need to succeed.
Marie Deary, BSEE, MSEE, MBA, FA, FP