Now is still the time to #BuyBlack
Despite a flurry of investment in Black entrepreneurs in 2020 and into 2021, Black businesses are not out of the water just yet. They urgently need your support to survive and succeed through this recession.
During the COVID-19 pandemic and recession of 2020, Black-owned businesses were the most adversely affected. Soon after, Black entrepreneurship grew as people took the leap to make their dream businesses become reality. Now, a recession, high-inflation, and ongoing supply chain issues present new challenges that Black business owners and small business owners must overcome.
Now is still the time to #BuyBlack. Here’s why:
COVID-19 hurt Black businesses and communities, and they are STILL recovering.
Small businesses rely on customers for survival. They are unlikely to be backed by massive amounts of capital that bigger, nationwide brands benefit from, meaning they can’t spread profit from one store to support another. (Certainly, Black-owned is not to be conflated with small business, Black-owned businesses are only 2.3% of all employer businesses.)
Systemic racism and discrimination makes entrepreneurship more challenging for Black people overall. There are more hurdles to overcome and hoops to jump through on the path to success.
What you can do:
When you’re spending money, spend it with Black-owned and small businesses. Check marketplaces like The Nile List, BLK + GRN, and We Buy Black. You can also search for local Black-owned businesses on Google.
Invite your network to support Black-owned businesses by educating them on why it’s so important. Share this article and others like it with your network.
Spread the word about your favorite Black-owned and small businesses on social media. They might just offer what some of your followers are looking for!
Support can come in many forms and it does not require a lot of effort. Every bit counts and it’s well worth it.