Save Our Black Businesses

Updated: Sep 10, 2020

40% of black-owned businesses are not expected to survive coronavirus.

As of April 2020 Forbes Magazine reported, 440,000 Black owned businesses have closed for good, while 17% of white-owned businesses closed during the same period. The drop in Black business ownership was a devastating 41% plunge. This is a problem.

The rapidly increasing wealth gap between Whites and Blacks possesses a growing challenge in a nation that is increasingly ethnically and racially divided. Business ownership has always been a route to wealth creation, a particularly important and valued route in a capitalist economy, therefore it is important to understand the role that it plays in wealth creation for Blacks.

Several factors explain the high rate of closures of black-owned businesses; lack of access to bank credit, making it harder to survive financial emergencies is at the forefront of those challenges. Many small businesses support an owner, his/her family and maybe a few employees. Profit margins are often thin; reserves are minimal, leaving them vulnerable in times such as theses. We are only as strong as our weakest link, therefore we must do our part to strengthen each other by any means necessary.

Shift Happens

We are at a time in history where we have to redefine success and take control of our narrative. We have asked for equal opportunities, but they still elude us, so we must push harder and organize to show that there is power in numbers, together we can overcome.

Our opportunity to accumulate wealth is slipping through our fingers. Now is the time to save our businesses and find a way to level the playing field. We’re not looking for a hand out, but rather fair equitable treatment and opportunities. We believe this discussion is the beginning of a collective effort that serves as the small steps that help us realize the financial freedom we deserve.

It’s time to have a conversation, which is long overdue. It’s time to save the lifeblood of America and ensure that Black people are not left behind during this economic shift. On Sunday September 20, 2020, Doing Business While Black, in partnership with Black Business owners located in Milwaukee, we will bring together key thought leaders, change makers and the people that have the power to effect change.

#DBWB #DBWBVirtualTownHall #DBWBBlackBusiness #BlackBusiness #SaveOurBlackBusinesses #Entrepreneurship

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