Buying Black to Support Black Owned Businesses, Reduce Unemployment and Improve Our Communities. Only 2 percent of a $20 million city-wide small business loan program went to businesses in the Bronx, the New York City borough with the highest share of black people, according to a spokesperson for the city's Department of Small Business Services, while 57 percent went to Manhattan businesses.
Companies that run out of a home and rely on one to a handful of employees can get a very big boost by joining black business listings. Many black-owned businesses have suffered during the pandemic, and in some cities, they've been victims of looters during recent protests.
The hurdles that black business owners face with lenders can be more subtle than outright denial of loans, Orr noted. The Small Business Administration also aids in the development and funding of small businesses. A lack of knowledge about documentation or back-office work shouldn't be misconstrued as a lack of business acumen, said Williams of OneUnited, which is also a community development financial institution.
We found so many events and businesses to support while there. TCS Sportswear , owned by Aaron Higginbottom and Ralph Sanon, is a company in Boston that designs and supplies sports apparel for schools and local businesses. But black-owned businesses seem to be struggling in part because they entered the lockdown in less secure shape than many other companies.
These numbers are quite low when compared to the percentage of black and Latino-owned businesses in the nation. Businesses launched with $100,000 or more of startup capital were twice as likely to prosper, but only 1.7 percent of black-owned businesses start out with more than $100,000, compared with 4.9 percent of white-owned firms, said Fairlie.
Many black owned business listings organizations also provide members with important business training information. See below for 65 more black-owned businesses grouped by categories like finance and haircare. In Connecticut, Attorney General Richard Blumenthal mentioned that, "our worst economic times seem to be bringing out the worst in many of our people." He said there was an increase in armed robberies, shoplifting, and state fraud.
Raye and Julian Richardson—who first met while attending Tuskegee University— Marcus Books is the nation's oldest Black-owned bookstore and has inspired generations of readers with shelves of titles by and about African Americans. We Buy Black is the largest online marketplace for black-owned businesses to showcase and sell their products to a global community.