Celebrating National Black Small Business Month: Spotlight on Black-Owned Businesses
August is National Black Business Month, an opportunity to support and celebrate Black-owned businesses. According to recent data, there are approximately 3.12 million Black-owned businesses in the United States. These businesses employ 1.18 million people and generate $133.7 billion in total sales, highlighting their significant contribution to the economy.
National Trends vs. Washington D.C. Trends
Nationally, Black-owned small businesses represent about 3% of all classifiable firms, despite the Black population making up 14% of the U.S. population. This disparity underscores the need for more support and opportunities for Black entrepreneurs.
Washington, DC, stands out as a beacon of progress when it comes to Black entrepreneurship. In the nation’s capital, 15% of viable firms are Black-owned, making it one of the highest percentages in the country. Additionally, the city has one of the highest concentrations of Black-owned businesses, with 35% of all businesses being small and Black-owned. This reflects a more supportive environment for Black entrepreneurs compared to the national average.
Fastest Growing Demographic
Black women are driving entrepreneurial growth. In 2020, the number of Black women-owned businesses grew by 20.2%, outpacing the overall growth of Black-owned businesses at 14.3% and women-owned businesses at 3.1%. This trend highlights the crucial role that Black women play in the entrepreneurial landscape.
How to Support Black-Owned Businesses
Supporting Black-owned businesses can significantly boost revenue and employment opportunities within the community. Here’s how you can get involved:
- Buy from Black-owned businesses: Your purchase helps strengthen the economic foundation of the local business community, fostering growth and sustainability.
- Engage in community events: Attend and support local events and markets that feature Black-owned businesses to show your solidarity and help build a stronger community.
- Share on social media: Give a shoutout to your favorite Black-owned businesses using the hashtag #BuyBlack and tag @smallbizdc @thisismadeindc to increase visibility.
DSLBD Resources for Entrepreneurs
The Department of Small and Local Business Development (DSLBD) offers several resources to support small business enterprises, including:
- Certified Business Enterprise (CBE) Program: Register your business to access various benefits. Learn more: https://dslbd.dc.gov/getcertified
- Made in DC Program: Become a DC Maker Today and submit your application. You can win up to $2,500 for your small business by participating in an upcoming Made in DC pitch opportunity. To learn more and apply, visit: www.dslbd.dc.gov/madeindc
- Small Biz Assist: Offers one-on-one in-person technical assistance appointments to local entrepreneurs at the Martin Luther King Jr. Memorial Library weekly, every Wednesday.
To book an appointment with an advisor, visit: https://dslbd.dc.gov/smallbizassist
Other Local Resources for Black-owned Businesses
Washington, DC, is home to numerous organizations dedicated to supporting Black entrepreneurs and small businesses. Here are some valuable resources:
- Washington Area Community Investment Fund (WACIF): Offers financial support and technical assistance.
- Anacostia Arts Center: Provides a space for creative entrepreneurs to showcase their work.
- BlackBone Project: The BlackBone Project is a program developed to provide Black woman-identifying founders with access to community, capital, and capacity building in order to meet business milestones that lead to economic advancement through entrepreneurship
- Greater Washington Black Chamber of Commerce: Supports Black-owned businesses with networking and advocacy.
- Black Business Association of Washington D.C.: Offers resources and support for Black entrepreneurs in D.C.
By supporting Black-owned businesses, you not only contribute to economic empowerment but also inspire the next generation of Black entrepreneurs.
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