African American reading black owned businesses newsletter

Support Black-owned businesses during August and year round!

According to the U.S. Census Bureau, there are over 2 million black-owned businesses in the U.S, and that number continues to grow. While this is great progress, the fact remains that minority-owned businesses on average still have smaller cash reserves to survive tough times.   Despite a collective buying power of $1.3 Trillion dollars, a fraction of that is spent on Black-owned businesses. Money has the power to be a great equalizer when used strategically.

August is Black Business Month, here are some ways to support Black-owned businesses this month, and every month of the year. 

Find and support a black owned businesses you like

Search for black-owned businesses that offer services or products that you normally buy and become a customer. From tech to skincare, there’s guaranteed to be a Black business you can purchase from. Ask friends or family members for businesses they can vouch for or do online research and read the reviews. 

Provide useful information

If you know of small business grants or loan programs that a Black-owned small business could benefit from let them know. Many businesses may be in need of additional financial assistance offered from state or local governments or private organizations as fallout from the pandemic continues. 

Healthcare professionals

We all go to the doctor or dentist at least twice a year. Consider choosing a Black healthcare professional who is highly recommended. Why? We need greater access to culturally connected physicians who understand the lives and challenges of their patients as much as their clinical needs.

Black Owned Business Directories and Online Groups

If you are still on the hunt for Black businesses, there are several apps and online directories that will help consumers locate black businesses. They provide information on businesses ranked by referrals and reviews. There are also Facebook and LinkedIn Groups that promote black-owned businesses and provide a networking platform for entrepreneurs. 

Shop Online

In the internet age we live in there are plenty of online marketplaces to shop. Whether you find the stores through Google, or Etsy, there are black-owned stores that cover everything from hair products to clothing.

Spread the word

Let people know why the Black-owned businesses you support are worth their support, too. Create a post online, tell friends, family, and co-workers, or leave a positive review. 

*1st image – Adeolu Eletu on Unsplash, *2nd image-Lagos Techie on Unsplash

Do you typically support Black-owned businesses? Drop a link to one that you know and would recommend!

by Candice Davie




You said:

Leave a Reply

Your email address will not be published. Required fields are marked *

Leave a Comment

Created by nationally recognized millennial money expert Tonya Rapley, My Fab Finance is a leading financial education and lifestyle blog for millennials who want to become financially free and do more of what they love.