Supporting Black Businesses: More Important Than Ever in 2020

Black business owners are a vital part of the American economy. Support of African-American entrepreneurship results in growth and community opportunities.

To celebrate the growth of black owned businesses, August has been designated as National Black Business Month. It’s a yearly celebration of African American achievements and a time to recognize their central role in U.S. history.

Bank Term Loans Now • Pre-Qualify in Minutes

2020 will be one for the history books. The world is facing an extreme economic crisis due to the coronavirus pandemic. The financial implications of business shut downs are far reaching – especially for small businesses across the U.S. Here are actionable ways you can support black owned businesses and make a difference.

Black business owner statistics

Unfortunately, black business owners still face struggles when it comes to establishing and running a successful business.

The good news is that minority-owned businesses are increasing. There are over 2 million black-owned businesses in the U.S. Additionally, the U.S. Census Bureau’s numbers showed an increase in the number of minority-owned businesses with paid employees. According to the Minority Business Development Agency, “By 2044, the Nation’s prosperity will rely even more on minorities, the fastest growing segment of the population."

The numbers are promising. When consumers support minority businesses, the overall economy is strengthened.

Ways to support black-owned businesses

Here are ways you can support black-owned business year-round in addition to buying products and services.

Social media support

Helping to elevate a black owned business on social media lets your followers know about the products and services they offer. Be sure to highlight exceptional customer service, of growing importance to consumers. The following hashtags can help those searching for black businesses to support:

  • #BuyBlack
  • #BlackOwnedBusinesses
  • #BOB

When you shop at a black owned business, check in online and share your experience. Be sure to tag the company so they are aware of your support and can promote on their own channels and engage with the brand by commenting on content.

Write positive reviews

Reviews can make or break a small business. When you’ve purchased a product or service from a black-owned business, write a positive review. Yelp and Google Reviews are just a few platforms where consumers can give shopping experience input. Write a detailed review that will appeal to the business’ target audience. Include photos for extra impact.

Become a resource

When you’ve had an excellent experience with a black-owned business, become a resource for other shoppers. Contact the owner and let them know that you’d be willing to be quoted on their website or social media channels. If they are being featured in a media story, offer to participate in an interview.

Offer personal recommendations

Just how important are personal recommendations? They are the #1 driver of consumer purchases across multiple product categories. Word-of-mouth is of vital importance to every small business owner. Let your friends, family, neighbors and others you come in contact with know about the black-owned businesses you’re supporting.


Black business locator

To find black businesses to support throughout the year, check out the Black Owned Business Directory. For more information about Black Business Month, visit the official website.

Inspiring quotes from Black entrepreneurs

To get you inspired and ready to make a difference for black owned businesses, read these meaningful quotes from black entrepreneurs and executives.

Where there is no struggle, there is no strength.
Oprah Winfrey

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.
Earl G, Graves Sr., Black Enterprise Founder and Publisher

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

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

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.
Spike Lee, Forty Acres and a Mule Filmworks CEO

I don’t believe in fear – I live my life without regrets.
Sean Combs, Bad Boy Records

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

Every time I go into a new venture, I find a “rabbi” who has the business acumen to help me understand the mechanics of that industry, the costs involved in developing a product, and what you need to do in order to make a profit.
Russell Simmons, Hip-Hop Music and Fashion Mogul