Happy National Black Business Month!
The National Black Business Month was the creation of entrepreneurs, historian John William Templeton and engineer Frederick E. Jordan Sr. to bring attention to the needs of more than two million Black-owned businesses operating across America.
Black Business Month is celebrated annually during the month of August, as a time when individuals and businesses recognize Black-owned businesses locally and all across the country.
Here in the city of Rochester and surrounding counties, there are a myriad of black businesses eager for support offering a wide range of products and services.
Throughout this month-long period, local government officials, community leaders and venture capitalists are encouraged to focus efforts on supporting Black-owned businesses and creating an environment for Black-owned businesses to grow. Black businesses are essential to the people and communities they serve and operate in.
The co-founders, Jordan and Templeton, established this initiative to "influence the policy landscape that affects the 2.6 million African-American businesses." Both were united by their commitment to advancing Black entrepreneurship and its contribution to economic progress.
Templeton, a historian, business journalist and demographer, was president and executive editor of the oldest Black newspaper in America, eAccess Corp. Frederick E. Jordan didn’t have many financing options when he started his engineering and construction management company in 1969. Now, F. E. Jordan Associates Inc., has international reach, but it led him to realize that the odds are still not in favor of Black entrepreneurship.
Black business owners account for about 10 percent of U.S. businesses and about 30 percent of all minority-owned businesses. According to the U.S. Census Bureau, that amounts to approximately two million companies owned by African Americans.
The spectrum of Black-owned businesses spans a range of industries, with nearly 40 percent situated in healthcare and social assistance, repair and maintenance, as well as personal and laundry services. Other sectors include advertising agencies, auto dealerships, consulting services, and establishments like restaurants, barbershops, and beauty salons.
Among cities, New York has the most black-owned businesses in the U.S. followed by Atlanta. The highest ratio of black-owned businesses is in Washington, DC where 28% of all businesses are black-owned.
The growth of black-owned franchise businesses has been explosive. Five years ago 20% of franchise businesses were black-owned but now it is up to 30%.
Jordan and Templeton’s desire for the celebratory month was to uplift and celebrate Black businesses through the unique and enormous challenges they face, as well as expand the support and existence of Black-owned businesses across the nation.
Black owned businesses create job opportunities and help uplift the spirits of those who live in minority neighborhoods, according to www.moneymatters101.com.
So support a Black Business today. And again, Happy National Black Business Month!