for the average consumer finding Black owned businesses is not that easy. According to the US Census Bureau reporting in 2016, Black business ownership is on the rise. The number of black or African American-owned firms grew 34.5 percent between 2007 and 2012 — from 1.9 million to 2.6 million in 2012. So, with all of these Black owned businesses why is so hard to find or identify a significant number of Black owned businesses?
“For African-American communities, black support for black-owned businesses is critical to their survival. The mission is still as important today as it was 50 years ago.” -Veranda Dickens, Seaway Bank Chairperson
Obviously, the problem is not a lack of Black owned businesses, but the lack of awareness. Aside from for those businesses that our family, friends, and associates may own, celebrity owned businesses, and legacy businesses like Black Enterprise, the average person doesn't know how to find or identify these 2.6 million or more Black owned businesses.
It is necessary that a portion of our dollars are redirected to build up our own communities. There also needs to be an increase in the number of Black owned businesses that employ nine people or more and an increase in the revenue and profit these businesses generate. In her article, Women are Leading the Rise of Black-Owned Businesses," Census Bureau's Erika H. Becker-Medina shares, "While the number of black or African American-owned firms represented 9.4 percent of all firms, the $150.2 billion in sales generated from these firms were less than half of a percent (0.4 percent) of the total sales for all firms ($33.5 trillion) in 2012." Read more at Finding Black Businesses, Not That Easy.
Strong Black communities are an asset to our local, regional, national, and global communities. As an effort toward a solution, in partnership with the BEEDC, we've devised a strategy to begin the process of centralize the general public access to Black owned businesses.
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To help you discover a diverse array of Black owned businesses to support, the BEEDC has compiled an extensive database of Black Business directories, membership organizations, and buy Black movements
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