In 2004, Frederick E. Jordan motivated by his own experiences when starting his company, partnered with John William Templeton to turn August into National Black Business Month. The goal? To help highlight Black entrepreneurs and encourage people to spend their dollars on services and products within the black community.
In 2020, that goal is needed more than ever. COVID has adversely affected black business owners already struggling due to a lack of capital and resources. A Groupon and National Black Chamber of Commerce survey of more than 400 Black small business owners found that 76% of Black-owned businesses said they were negatively impacted by COVID-19, but only 5% of those that applied for Paycheck Protection Program loan received one.
This means black businesses need our support more than ever. Yet, the case to support black businesses should be a no-brainer. Everyone benefits when spending and shopping at a black-owned business. The research indicates the longer a dollar can circulate and multiply within a black community the lower the poverty rates and the higher the median income becomes. Property values increase, government tax base increases, and neighboring schools are funded with better resources.
Furthermore, the start of a business creates new business activity for professional service providers such as lawyers, accountants, IT, and financial advisors to name a few. Then, when a business can scale up it creates new jobs. The more sophisticated and larger a business becomes, growing into a company, so does its ability to provide high wage jobs and career pathways. Growing the middle class and stimulating the economy for all to benefit.
Yet, with political unrest, barriers to Corporate America and uncertainty looming around the impact COVID-19 will have on future generations. 2020 presents itself a pivotal time to build and sustain black businesses for our communities.
How you can help? Easy. Take part in the Black Professionals Network’s 2020 Black Owned Business Challenge (#BPNBOB). We are providing one (1) black business owner $2250 in value towards their business that includes marketing and brand guideline, business consultation and $250 grant towards social media advertising.
How do they enter?
1. Visit directory.mybpn.org
2. Add your business or professional service to the directory
3. Secure ten (10) loyal customers to write a review of your business on the listing
4. [BONUS] Post your business on social media, tag @mybpnetwork and use the hashtag #BPNBOB. Posts with the most likes will get additional points added to their final score.
No purchase necessary to enter. We’ll select a winner on August 21st.
P.S. Are you a current BPN Member? Complete this form to be our featured business of the week.
Black Business Lending: Access to Capital & Tax Incentives
(Thursday, August 20, 2-3pm CT), featuring Illinois State Treasurer Michael Frerichs, US Small Business Administration District Director Bo Steiner, Accion Chicago CEO Brad McConnell, and more.