Making a Difference: The Benefits of Supporting Black-Owned Businesses for Everyone’s Future

By: Jennifer Magdalene

Small businesses and entrepreneurs have always been an essential part of creating wealth for communities. And when it comes to supporting Black-owned businesses, it’s time we all step up and play our part in helping to build a better future. But why is it so important to support Black-owned businesses? Let’s break it down!

Closing the Racial Wealth Gap

The racial wealth gap in the United States is a persistent problem, with Black Americans facing significant challenges when it comes to accessing higher-paying jobs and homeownership opportunities. According to the Federal Reserve Bank of Cleveland, “In 2016, the average wealth of households with a head identifying as Black was $140,000, while for white-headed households was $901,000, nearly 6.5 times greater”. By supporting Black-owned businesses, we can help increase the flow of wealth to Black families and communities, ultimately working towards closing the racial wealth gap.

Building Stronger Communities 

According to The State of Working America, “Black people spend four percent more money annually than any other race, although they are the least represented race and the race that lives in poverty at the highest rate”. With over 2.6 million Black-owned businesses in America, supporting these companies can help to create more opportunities for building wealth, improving credit, and increasing property ownership within Black communities. Unfortunately, eight out of ten Black-owned businesses fail within the first 18 months due to a lack of resources and funds, but by supporting these businesses, we can help keep more money within the community, building stronger relationships and boosting community morale.

A Unique Boom in the Accessory Industry 

One industry that’s experiencing an exceptional boom is the design and accessory industry. With the increasing support for Black-owned businesses, more and more customers are recognizing the value and talent of Black designers. One way they have achieved this growth was through expansion into new product lines and personalisation – such as creating custom pendants and miscellaneous items based on the customer’s individual preferences. This has created a surge in demand for their products and has helped them to establish a strong presence in the market. However, starting and growing a business is never easy, and Black designers face many challenges that can make it even harder. Some common challenges include limited access to funding and resources, difficulty in reaching and connecting with customers, and competition from established brands.

Despite these challenges, there are many resources available to help Black designers overcome these obstacles and succeed in their businesses. For example, organizations like the National Black Chamber of Commerce and the National Minority Supplier Development Council offer business development support, including mentorship, training, and networking opportunities. Additionally, there are a number of grants and funding programs specifically designed to support Black-owned businesses, such as the National Black Business Association’s (NBBA) Small Business Grant Program and the Black Founders Fellowship.

Additional Resources for Black-Owned Businesses 

Starting a business can be challenging, but for Black business owners, the barriers can be even greater. A recent study by Guidant Financial found that 80% of Black business owners say their number one challenge is access to capital. Black business owners are often unaware of the resources available to them, which can cause added stress, a lack of clarity, and more obstacles to overcome. That’s why it’s essential to raise awareness and support initiatives that help Black-owned businesses access the resources they need to succeed. Minority Business Development Agency (MBDA) for instance is one of the most helpful resources – it is a federal agency that provides resources and support to minority-owned businesses, including black-owned businesses. The agency offers business counseling, access to capital, and access to contracts.

Supporting Black-owned businesses is crucial for building stronger communities, closing the racial wealth gap, empowering local communities, and providing access to essential resources. So next time you need to make a purchase, think about where you can shop black!

October 16, 2023, HOUSTON, TX – Congressional Candidate Amanda Edwards has raised over $1 million in less than 4 months, a substantial sum that helps bolster the frontrunner status of the former At-Large Houston City Council Member in her bid for U.S. Congress. Edwards raised over $433,000 in Q3 of 2023. This strong Q3 report expands on a successful Q2 where Edwards announced just 11 days after declaring her candidacy that she had raised over $600,000. With over $829,000 in cash-on-hand at the end of the September 30th financial reporting period, Edwards proves again that she is the clear frontrunner in the race. “I am beyond grateful for the strong outpouring of support that will help me to win this race and serve the incredible people of the 18th Congressional District,” said Edwards. “We are at a critical juncture in our nation’s trajectory, and we need to send servant leaders to Congress who can deliver the results the community deserves. The strong support from our supporters will help us to cultivate an 18th Congressional District where everyone in it can thrive.” Edwards said. “Amanda understands the challenges that the hard-working folks of the 18th Congressional District face because she has never lost sight of who she is or where she comes from; she was born and raised right here in the 18th Congressional District of Houston,” said Kathryn McNiel, spokesperson for Edwards’ campaign. Edwards has been endorsed by Higher Heights PAC, Collective PAC, Krimson PAC, and the Brady PAC. She has also been supported by Beto O’Rourke, among many others. About Amanda: Amanda is a native Houstonian, attorney and former At-Large Houston City Council Member. Amanda is a graduate of Eisenhower High School in Aldine ISD. Edwards earned a B.A. from Emory University and a J.D. from Harvard Law School. Edwards practiced law at Vinson & Elkins LLP and Bracewell LLP before entering public service. Edwards is a life-long member of St. Monica Catholic Church in Acres Homes. For more information, please visit www.edwardsforhouston.com

As September 13th rolls around, we extend our warmest birthday wishes to the creative powerhouse, Tyler Perry, a man whose indomitable spirit and groundbreaking work have left an indelible mark on the world of entertainment. With his multifaceted talents as an actor, playwright, screenwriter, producer, and director, Tyler Perry has not only entertained but also inspired audiences worldwide, particularly within the African-American community, where his influence and role have been nothing short of powerful. Born in New Orleans, Louisiana, in 1969, Tyler Perry’s journey to stardom was a path riddled with adversity. Raised in a turbulent household, he found refuge in writing, using it as a therapeutic outlet. This period of introspection gave rise to one of his most iconic creations, Madea, a vivacious, no-nonsense grandmother who would later become a beloved figure in Perry’s works, offering a unique blend of humor and profound life lessons. Despite facing numerous challenges, including rejection and financial struggles, Perry’s determination and unwavering belief in his abilities propelled him forward. In 1992, he staged his first play, “I Know I’ve Been Changed,” which, although met with limited success, was a pivotal moment in his career. Unfazed by initial setbacks, Perry continued to hone his craft, and by 1998, he had successfully produced a string of stage plays that showcased his storytelling prowess.

Calling all teenage student-athletes! If you have dreams of playing college soccer and wish to represent an HBCU, the HBCU ID Camp is your golden opportunity. From 8 am to 5 pm on November 11-12, Houston Sports Park will transform into a hub for aspiring male and female soccer players. Coaches from HBCUs across the nation will be present to evaluate, scout, and offer valuable feedback. Moreover, they might even spot the next soccer prodigy to join their collegiate soccer programs. This camp is not just about honing your soccer skills but also a chance to connect with the HBCU soccer community. You’ll learn the ins and outs of what it takes to excel on the field and in the classroom, which is crucial for a college athlete. The HBCU ID Camp is an excellent platform to network with coaches, learn from experienced athletes, and take the first steps toward your college soccer journey. To secure your spot at this incredible event, don’t forget to register [here](insert registration link). Space is limited to 120 participants, so make sure to reserve your place before it’s too late. It’s time to turn your dreams of playing college soccer into a reality.

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