Exploring Opportunities to Help Support and Develop Black-Owned Businesses
We are celebrating Black Business Month in August! This guide contains resources for the nearly 3.12 million businesses in the U.S. owned and operated by black entrepreneurs.
Businesses in the United States owned and operated by people of color saw an 8% increase between 2018 and 2019. Those numbers continue to rise. However, although minority women are the fastest growing category of entrepreneurs, they still face obstacles relating to resources and advancing women’s equality.
As with any growing business, the hours are long, and the profit margins are low until you can gain momentum and garner some external backing. Fortunately, more help for entrepreneurs is available now than in the past.
Listed below are several resources that can support existing businesses as they work to level up, as well as guides and insights for black women and men who are interested in establishing a new business.
Training and Development
- Small Business Empowerment Program – provides business training and services, and financial counseling to small business owners in low-income neighborhoods
- Minority Business Development Agency – provides guides to securing funding and offers training for meeting export-ready product standards
Funding
- Enterprising Women of Color Initiative – provides education and resources for entrepreneurs seeking access and connection with others
- Coalition to Back Black Business – provides grants to growing companies with 3-20 employees that fall within the parameters the coalition approves
- U.S. Small Business Association – provides funding and specific resources for veteran, women-owned, and Black-owned businesses
Growth
- Minority Business Certifications – provide access and opportunities for federal, state, local, and corporate contracts
- Black Owned Everything – provides publicity and exposure through a nationally-recognized Instagram account
Corporations and government entities often set aside a portion of business and contract budgets with the intent to utilize a broad set of suppliers, specifically minority-owned businesses. To bid on these exclusive contracts, business owners should seek Minority Business Certifications to be formally recognized, lend credibility, and demonstrate readiness to take on public and private contracts.
Certifications are many, and the right application is critical to your success. The National Minority Supplier Development Council provides several certification options and step-by-step instructions to apply.
There are several additional ways everyone can support black business owners such as:
- Being intentional about where and from whom you purchase materials, solicit new business, and grant contracts
- Buy, review, gift, and share products from black entrepreneurs, whether online or in-person
- Share a seat at the table with persons of color in your industry
- Sponsor, feature, and post about businesses and services that you love
The economy is ever-changing, and the U.S. will benefit from business owners sharing resources equitably to grow their business. As a black-owned company, Jidan Cleaning began as a small business with fewer than 10 employees. It utilized its local Small Business Development Center resources in Camden, NJ to help grow the company. Today it employs over 100 individuals and has been in operation for nearly twenty years.
