Black Business Month: Why it matters to the ecomony

Generally, Black owned brands build their companies off of quality. You get what you pay for so instead of cheap ingredients that are harmful for your family, Black entrepreneurs routinely give you the absolute best. From food products with safer ingredients to much needed or desired items that are often handmade products that are simply not what you find at the big retailers.

While these facts are inspiring, there is still much do be achieved from a national economic standpoint. Just 2.4% of U.S. businesses have Black owners, even though Black people represent 12.8% of the U.S. population. Thta’s a significant gap that negatively impacts the U.S. economy. 86.5% of U.S. businesses have white owners, despite white people accounting 72.0% of the U.S. population.

The economic impact of successful Black owned businesses elevate the tax base for profitable venddors of color. Black business owners are generally wealthier than their peers who do not own businesses. And many Black business owners hire from within their communities, which helps to fuel job opportunities in neighborhoods of color, according to a report from the Association for Enterprise Opportunity.

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