August 1, 2022 By Suzanne Robertson

Black Business Month recognizes the importance of African-American owned businesses to economic development, job creation, and technological innovation across the country.

During Black Business Month, individuals, institutions, and businesses are encouraged to seek out and support Black businesses in their communities. To find Black businesses near you, check out the Black Owned Business Directory.

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The SmartBiz® online platform helps level the playing field for small businesses regardless of their ownership. In fact, over 60% of SmartBiz funded loans have gone to women, minority, or veteran-owned businesses. SmartBiz funds approximately 6% of all its SBA 7(a) loans to Black-owned businesses compared to a national average of only 2%.

To honor Black Business Month, we’re featuring quotes from successful Black leaders.

Black Business Month details

Black Business Month takes place every August and is an opportunity to highlight and support Black-owned businesses. This month recognizes the obstacles Black business owners have to overcome to launch a business, highlights the stories of successful and thriving Black businesses, and hopes to inspire other minority entrepreneurs who may be struggling to launch their own.

8 inspiring Black business month quotes

Below are quotes from highly successful Black business owners and entrepreneurs, some of whom are household names.

1. “Where there is no struggle, there is no strength.”—Oprah Winfrey

2. “What makes networking work is that it sets up win-win situations in which all parties involved get to take something home. Networking is a sharing process. Until you understand that, you won’t have much of a network.”—Black Enterprise Founder and Publisher Earl G. Graves Sr.

3. “If you’re a competitive person, that stays with you. You don’t stop. You always look over your shoulder.”—Magic Johnson, Magic Johnson Enterprises

4. “Never be limited by other people’s limited imaginations.”—Dr. Mae Jemison, first African-American female astronaut

5. “I believe in destiny. But I also believe that you can’t just sit back and let destiny happen. A lot of times, an opportunity might fall into your lap, but you have to be ready for that opportunity. You can’t sit there waiting on it. A lot of times you are going to have to get out there and make it happen.”—Forty Acres and a Mule Filmworks CEO Spike Lee

6. “All business is personal…Make your friends before you need them.”—Robert Johnson, RLJ Holdings

7. “I don’t believe in fear – I live my life without regrets.”—Sean Combs, musician and music entrepreneur

8. “Successful people have a bigger fear of failure than people who’ve never done anything because if you haven’t been successful, then you don’t know how it feels to lose it all.”—Jay-Z, musician and music entrepreneur

SmartBiz support

At SmartBiz, we understand the playing field is not level for all small business owners, especially when it comes to financing. We're proud that we facilitate over 60% of our funded loans from our bank network to minority-owned businesses, and we're excited to continue supporting businesses that need our help.

If you’re in need of funding, an SBA loan can be a good fit with low rates, long terms, and low monthly payments. Visit SmartBiz today and discover in minutes if you’re qualified to apply for an SBA loan with one of our bank partners.*

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