Infographic: Advancing Black Businesses this Juneteenth

Juneteenth is here, and while it is a time to celebrate it’s also a sobering reminder of the work still to be done.

The ramifications of slavery are still with us today, creating a gap between what Black people are earning and what they should be earning. 

This week’s infographic takes a look at how Black businesses are faring, why there aren’t enough of them, and how we can all work to make things better.

Black Families and Businesses Are Getting a Smaller Percentage

The median net worth of white families is nearly 8 times higher than Black families.¹ In addition, despite Black people making up over 14% of the US population, the proportion of Black-owned businesses is only about 2%.

A Small But Important Increase in Black-Owned Businesses

Between 2017 and 2020, the number of Black-owned businesses increased 14%, with an 11% increase in gross revenue for those businesses.²

Spending on Black Businesses Helps Close the Gap

58% of Black adults³ believe that buying from and supporting Black businesses is an effective way to improve equality for Black people in the United States.

Providing for the Future of Black Business

There are organizations providing resources to Black businesses. The Minority Business Development Agency (MBDA), Black Founders, US Black Chambers Inc (USBC), and the National Minority Supplier Development Council (NMSDC) are just a few of the organizations helping Black and minority-owned businesses with starting costs, licensing, and/or education.

Resources to Help

• Minority Business Development Agency(MBDA)
• Black Founders
• US Black Chambers Inc(USBC)
• National Minority Supplier Development Council(NMSDC)

Sources

1. Federal Reserve Bulletin – September 2020
2. US Census Bureau Annual Business Survey Program
3. Pew Research Center