August is National Black Business Month

Celebrating National Black Business Month: Spotlight on Black-Owned Businesses

August is National Black Business Month, an opportunity to support and celebrate Black-owned businesses. According to recent data, there are approximately 3.12 million Black-owned businesses in the United States. These businesses employ 1.18 million people and generate $133.7 billion in total sales, highlighting their significant contribution to the economy.

National Trends vs. Washington D.C. Trends

Nationally, Black-owned businesses represent about 3% of all classifiable firms, despite the Black population making up 14% of the U.S. population. This disparity underscores the need for more support and opportunities for Black entrepreneurs.

Washington, DC, however, stands out as a beacon of progress. In the nation’s capital, 15% of classifiable firms are Black-owned, which is one of the highest percentages in the country. Additionally, the city boasts one of the highest concentrations of Black-owned businesses, with 35% of businesses being Black-owned. This demonstrates a more supportive environment for Black entrepreneurs compared to the national average.

Fastest Growing Demographic

Black women are driving entrepreneurial growth. In 2020, the number of Black women-owned businesses grew by 20.2%, outpacing the overall growth of Black-owned businesses at 14.3% and women-owned businesses at 3.1%. This trend highlights the crucial role that Black women play in the entrepreneurial landscape.

How to Support Black-Owned Businesses

Supporting Black-owned businesses can significantly boost revenue and employment opportunities within the community. Here’s how you can get involved:

  • Buy from Black-owned businesses: Your purchase helps strengthen the economic foundation of the local business community, fostering growth and sustainability.

  • Engage in community events: Attend and support local events and markets that feature Black-owned businesses to show your solidarity and help build a stronger community.

  • Share on social media: Give a shoutout to your favorite Black-owned businesses using the hashtag #BuyBlack and tag @smallbizdc @thisismadeindc to increase visibility.

 

DSLBD Resources for Entrepreneurs

The Department of Small and Local Business Development (DSLBD) offers several resources to support small business enterprises, including:

  • Certified Business Enterprise (CBE) Program: Register your business to access various benefits. Learn more: https://dslbd.dc.gov/getcertified

  • Made in DC Program: Become a DC Maker Today and submit your application. You can win up to $2,500 for your small business by participating in an upcoming Made in DC pitch opportunity. To learn more and apply, visit: www.dslbd.dc.gov/madeindc

  • Small Biz Assist: Offers one-on-one in-person technical assistance appointments to local entrepreneurs at the Martin Luther King Jr. Memorial Library weekly, every Wednesday.

To book an appointment with an advisor, visit: https://dslbd.dc.gov/smallbizassist

Other Local Resources for Black-owned Businesses

Washington, DC, is home to numerous organizations dedicated to supporting Black entrepreneurs and small businesses. Here are some valuable resources:

By supporting Black-owned businesses, you not only contribute to economic empowerment but also inspire the next generation of Black entrepreneurs.