Three Top Reasons Why Should You Support Black-Owned Business
Posted: Jul 12, 2020
As you will find reputable black-owned businesses out there, equally the quality of these products is top-notch. Even though in the market place which has been dominated by the white community, these products are considered of low quality and not ‘at par’ as different other merchandise come from another race. Over the centuries, this discrimination has pushed back the black community and deprived them of getting good jobs, higher pay scales, and leading a quality social life. Economically they’re still much behind of white Americans. Living in the 21st century, now it’s the time that you should support black-owned businesses enabling the black community to touch their dreams.
Creation of job opportunities
One of the vital reasons that you should support black-owned businesses is that it’ll unlock the opportunity of having much-needed jobs among the black community while creating entrepreneurial endeavors. It is worth nothing; back in 2015, the rate of unemployment in the United States was 7.9%, whereas the unemployment rate of the black community in this nation was 13.78% that equates to twice its national average and this racism and favoritism are still continuing.
This simply demonstrates clearly that black people are deprived of getting jobs even though they’re having the same or even more qualifications and skills. Equally discrimination in the workplace disposes of African-Americans of getting higher promotions, higher-paying jobs, or upper pay scales in the workplace. Thus, if black-owned ventures are supported as well as inspired, then it’s obvious that the percentage of unemployed black people won’t be so high.
Minimize the racial wealth gapping
Unfortunately, this continuous racial favoritism over the centuries has been a leading cause of why millions of black people are still under the poverty line. Remarkably, the Social Security Act 1935, didn’t allow the lawful coverage to lots of domestic and farm workers who belong to the African American race. Don’t get surprised to note that the mean wealth level for white Americans is nearly 12 times more compared to black families. Compared to 1 in 4 black families that are having no wealth, we find a much better picture like 1 in 10 when it comes to white households. By supporting an increasing number of Black-owned business enterprises, we can create more scopes for more earning, considerable savings, property owners, as well as wealth builders in the black community.
Strengthen Local Economies
As more and more small businesses prosper, it reflects on the socio-economic status of the community life. simply imagine, in this civilized era, even public banks to private ones often get in the way of prosperity simply by discriminating African Americans from other entrepreneurs of white color on the quest for a business loan. According to the studies organized by the National, Community Reinvestment Coalition revealed that white color governed public and private banks were more likely to allow business loans to white people over the black community.
Referring to the objective of Green America that has been intended to harness the economic competence of consumers and business groups to advance social justice and environmental sustainability, now it’s the high time that we should change our mindset to support black business entrepreneurs. As you will support the black-owned business groups, in turn, you’ll be backing black families with employment in addition to other businesses which will attract small business investors and banking services while advancing the financial stability among black people and enrich society as well as the national economy. So, once we extend support to black-owned businesses, we can nourish both American and Canadian economy globally.
Bayou City Lab is a black-owned startup studio and venture capital fund. The Texas and Louisiana based company partners with female and minority entrepreneurs to build technology solutions. To know more, visit https://www.bayoucitylab.com/bclstartup/.