Funds for Rebuilding: It’s Never Too Late to Help Black-owned Businesses
- July 20, 2020
- Posted by: email@example.com
- Category: Blog, Business, Wage
The time to sit back on and witness the suffering of black-owned businesses is no longer an option. Black communities were already facing new challenges due to coronavirus spread. However, the civil unrest followed by George Floyd’s killing brings an entirely new wave of struggle.
Your task should be to keep that spark of struggle alive by helping black-owned businesses across the US. Besides, the racial median income gap between white-owned businesses and black-owned businesses is far too embarrassing.
It is vital to understand that local communities fuel black-owned businesses. It means most of the black-owned businesses depend on community support for the sake of visibility. Now, if you want to play your part, donate to “your” local African-American business entity or at least show support on social media platforms.
The Struggle of Black-owned Businesses Across the US
Black-owned businesses are having a hard time keeping up with the country’s current economic situation. What is interesting, however, is that there is no mindless blame game amid constant chaos. In fact, African-American outlets understand the civil disobedience of protestors who are marching for equal rights.
That said, as the new wave of coronavirus and civil unrest continues, black-owned businesses will need all the help they can get from various ethnic communities. There are decade-old traditional restaurants and barber outlets that are on the verge of bankruptcy. So long as you have the realization of the current state of black-owned businesses, you can play your part.
The truth is that black-owned businesses are feeling the burden in many ways. From the disruption of the supply chain to the cancellation of events, the effects are present everywhere. However, refunding might be the answer for black-owned businesses to uphold their business structure and appease distributors.
Also, the three months of coronavirus took out most of the revenue from small black-owned businesses. It is financial stress that minority and black-owned businesses felt the most after reopening. Currently, black-owned businesses are operating with limited cash flow and financial resources.
Here are several ways you can help black-owned businesses:
Well, the first step is to donate to black-owned businesses in your local communities. Of course, you can find nonprofit black organizations that tirelessly work to protect the legal and civil rights of the African-Americans.
Purchase from Black-owned Businesses
As the normalization of coronavirus ensues, you need to buy more from black-owned businesses. Whether it’s a black-owned local restaurant, homeware, or fashion outlet, you’d be surprised how much of help you can be to these small businesses.
Support through Social Media Feeds
If you cannot donate, spread the word on social media platforms like Twitter, Facebook, and Instagram about black-owned businesses. Simultaneously, keep tabs on the feeds to find out new information that might lead to financial assistance to these businesses.
Watch and Read Black Artists
You can engage with black artists, thinkers, athletes, public figures, and politicians and find out which black-owned businesses they support. Similarly, buy the video and literature from your renowned and new black-owned businesses that need your support more than ever.
Try to Understand the Problems of Black-Owned Businesses
According to last year’s American Express report, black businesses owned by women are the most rapidly growing entrepreneurial group in the US Contemporarily, these businesses now face new problems.
Technically, there is now more overdependence on personal savings and credit cards than outside business investors. Furthermore, several black-owned businesses face continuous denial of bank loans from the banks as per the US Commerce’s extensive report on Minority Businesses Development.
Apart from the denial of loans, black business owners have to be subtle in dealing with lenders. In fact, an experimental study revealed that lenders and bank personnel were more approachable to white borrowers than black business owners.
However, it is no secret that black business owners often go through racial injustice and division. Ideally, the rules of capitalism should be the same for black-owned businesses. Amidst lockdown orders, black business owners are paying a high price.
When it comes to the $2.2 trillion forgivable loans of CARES Act, almost 90% of the black-owned companies had to face ineligibility or rejection to get the money. Therefore, don’t think of federal or state half-measures as permanent solutions for black business owners.
Black-Owned Businesses: Who Should You Support?
It is a free app that enables you to search for the black-owned organizations despite your geographical location. It allows a multitude of black business owners to list on the app to receive donations from all over the country.
And before you make a donation, you can take a look at the reviews of a business. The app features also include geotagging and categorical searches that can help you find black-owned businesses close to you.
It is one of the biggest e-commerce platforms for black-owned firms that want to get through this tumultuous time. In fact, black business communities consider “We Buy Black” as the “Black Amazon”. The online e-commerce platform helps numerous black business owners to be independent through contributions and business opportunities.
Categorically, the site contains a wide array of household items, supplies, and jewelry. Also, the site’s search mechanism is quite straightforward and makes it easier to find the products you want to buy.
Official Black Wall Street
If you’re going to expand your horizon for donations, the black wall street app lists up to 5,000 businesses in ten different countries. In fact, it is one of the biggest black-owned directories. You can subscribe to the app to get alerts about the black-owned businesses that are close to you.
Focus on the Big Picture
There are many ways you can show or make your participation and donations to black-owned businesses. Therefore, throughout the quarantine period, learn about the black culture and struggle from best-selling books.
Furthermore, watch the documentaries on James Baldwin and Martin Luther King Jr. to get a perspective of the struggle of black communities in the US. It is time to take action and donate to well-deserved black-owned businesses that are essential to the capitalist order.
Create a list of black-owned businesses that you wish to buy in the foreseeable future. Concurrently, install the relevant apps to get more insight into black-owned business directories and marketplaces. You do not necessarily have to compile a comprehensive list. Instead, it should contain the basic information of a few black-owned businesses that you want to contribute.
Remember, there are more than enough black-owned websites and apps that can help you find what you’re looking for. For instance, the Nile List contains information specifically on black-owned businesses that are run by Millennials.
Your donation and help would amplify the unheard voices and struggle of peaceful protectors. Even a small donation can make a big difference for black-owned businesses. Furthermore, accountants and tax specialists can offer pro-bono financial expertise and guidance to black-owned businesses.
And when the time comes to vote, elect African-American representatives who can further help black-owned businesses and communities amidst pandemic. In hindsight, your goal should be to search for innovative ways to normalize buying from black-owned businesses and become a part of their struggle.