August is National Black Business Month, an observance that highlights the importance of African-American businesses to the Black community.
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. Nearly 40 percent of black-owned businesses are in health care and social assistance, repair and maintenance, and personal and laundry services. Other categories include advertising firms, auto dealerships, consulting services, restaurants, barbershops, beauty salons, and more.
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. In 2012 over 30% of franchise businesses were black-owned, up from about 20% five years previous.
HOW TO OBSERVE Support and encourage African American-owned businesses in your community. Learn more about business opportunities for the African American community. Use #NationalBlackBusinessMonth in social media correspondence. Discover more on the Black Business Month website.
HISTORY Historian John William Templeton and engineer Frederick E. Jordan Sr founded National Black Business Month in August 2004 to “drive the policy agenda affecting the 2.6 million African-American businesses.“