Unexpected disasters like a pandemic can negatively impact businesses all over the world. However, with a history of discrimination and receiving less access to capital in Black communities, Black-owned businesses are hit even harder. In fact, Black-owned businesses were hit the hardest compared to their white-owned counterparts during the COVID-19 pandemic.
The number of Black-owned businesses has grown to over 2.5 million operating today. But to help overcome the opportunity gaps that still exist, it's important to have access to guidance and financial support.
Here are 8 resources that can help Black-owned businesses find more success this year.
1. Black owned everything
Black owned everything has an innovative approach to the idea of Black-owned business directories. They assort photos and products from Black-owned businesses through an Instagram account. If you want to be featured on their account, you can register for their services. Photos they share are promoted for absolutely free.
2. Black Business Association
This California-based organization was launched in 1970. It's an impactful advocate for government policies to “improve access to contracting and procurement opportunities” in public and private sectors. Black Business Association (BBA) is a non-profit that offers resources for networking, training, and more.
3. Coalition to Back Black Businesses
This alliance is supported by American Express, the U.S. Chamber of Commerce Foundation, the National Black Chamber of Commerce, National Business League, and U.S. Black Chambers and Walker’s Legacy. Its goal is to provide $10 million in grants, training, and resources to Black-owned businesses through 2023. It also offers opportunities for mentorship, more funding to “promising grantees,” and creating an online hub of resources for Black-owned business owners.
4. Minority Business Development Agency
The Minority Business Development Agency (MBDA), is part of the U.S. Department of Commerce. It helps Black-owned businesses by offering advice on how to get funding, compete for contracts, and make products ready. MBDA is is the only federal agency focused on the growth and global competitiveness of minority business enterprises.
5. U.S. Small Business Association
This organization makes it easier than ever to access resources and “works to ignite change and spark action so small businesses can confidently start, grow, expand, or recover.” The Small Business Association (SBA) SBA is the only cabinet-level federal agency completely dedicated to small businesses. The SBA provides counseling, capital, and contracting expertise as the nation’s only go-to resource and voice for them.
6. National Minority Supplier Development Council
The National Minority Supplier Development Council (NMSDC) advocates for minority business enterprises. One of its many goals is to “ensure equivalent opportunities for minority businesses in federal entrepreneurship policies and contracting”.
7. Accion International
Accion is a non-profit organization that provides loans, access to resources, and networking opportunities to business owners and entrepreneurs. Its mission is to provide people with the “financial tools they need to improve their lives."
8. Collab Capital
Collab Capital aims to solve the problem of capital access for Black entrepreneurs. They believe “that by investing in great Black founders and helping them grow and scale their businesses, we have a unique opportunity to set the foundation for wealth creation in Black communities.”
Get the resources that help you grow
Your business has opportunities to grow. And there are resources and funding that are more than willing to support your growth. From government funding to non-profits, opportunities are there to provide you with the tools you need.
Looking for additional information?
Read this article to help you understand why it’s critical that inclusive culture is built into your company's mold.
