Supporting Black-Owned businesses isn’t just about shopping—it’s about strengthening communities, closing wealth gaps, and fostering a more inclusive economy. Celebrating Choose Black-Owned Month is an opportunity to be intentional about where we spend our dollars and recognize the broader impact of economic equity. Here’s why it matters:
Spotlight Black-Owned Independents
Visibility matters. A study found that when businesses were identified as Black-Owned, they saw increased customer visits. That means one of the simplest ways to support Black entrepreneurs is to help make their businesses more visible. Share, tag, and spread the word so more people in your community can Choose Black-Owned with ease.
Close the Wealth Gap
The racial wealth gap is stark. In 2022, the median net worth of Black families was $44,900, compared to $285,000 for white families. According to the Federal Reserve, Black families have the lowest median wealth of all racial groups identified in their report, Changes in U.S. Family Finances from 2019 to 2022.
More support for Black-Owned businesses means more opportunities for generational wealth-building—something that has historically been denied to Black families due to systemic barriers.
Boost Business Ownership
Despite making up 12.4% of the U.S. adult population, Black business owners account for just 3% of all businesses, according to Pew Research (2020). Bridging this gap means more jobs, stronger communities, and a more equitable economy for everyone.
Fuel Local Investment
Access to capital remains a major hurdle. In 2022, The Federal Reserve reported that while 35% of white business owners received all the funding they requested from a bank, only 16% of BIPOC (Black, Indigenous, or Person of Color) business owners did. This lack of funding stunts business growth, limits hiring potential, and holds back revenue expansion.
By intentionally supporting Black-Owned businesses, we can help drive revenue, encourage reinvestment, and fuel economic mobility.
Embrace Diversity and Culture
A thriving local economy is a diverse one. Supporting Black-Owned businesses brings fresh ideas, perspectives, and products into communities, fostering a richer, more vibrant cultural landscape. This diversity not only enhances daily life but can also boost community pride and tourism.
Boost Community Wealth
When Black-Owned businesses thrive, entire communities’ benefit. A report from McKinsey & Company found that closing the racial wealth gap could add $2 – $3 trillion in incremental annual growth to the U.S. GDP. That’s a massive opportunity for economic expansion that benefits everyone.
How You Can Take Action
- Shop intentionally – Seek out Black-Owned businesses in your area.
- Amplify and share – Social media shoutouts and recommendations go a long way.
- Invest in Black entrepreneurs – Whether it’s crowdfunding, mentorship, or direct support, every effort helps.
- Encourage policy changes – Advocate for equitable funding opportunities and business support programs.
By choosing Black-Owned businesses, we’re not just making purchases—we’re making a difference. Let’s work together to build a stronger, more inclusive economy for all.