August is Black Business Month!

August is National Black Business Month, and HBSAAA applauds Black owned businesses across the country. Black business owners account for about 10% of US businesses. According to the US Census Bureau, that amounts to approximately 2 million companies owned by African-Americans. The highest cluster of Black owned businesses is in Washington, DC, where 28% of all businesses are Black-owned. (Source: NationalDayCalendar.com)

Some of the first Black owned businesses were insurance companies. (Source: https://www.soa.org/sections/small-insurance/small-insurance-newsletter/2021/june/stn-2021- 06-thompson/). In our era, we celebrate Black owned banks, private equity firms, consulting firms and other professional and service firms. Black owned businesses create jobs, generational wealth and thereby help to reduce racial disparities in wealth and income. Please do your best to support Black owned businesses whenever you can! Here are a few lists to help you find Black owned businesses in almost any imaginable category. https://www.vogue.com/article/black-owned-brands-beauty-fashion https://travelnoire.com/30-black-owned-wine-spirit-brands https://www.cosmopolitan.com/style-beauty/fashion/g32733776/black-owned-clothing-brands/ https://www.gq.com/story/black-owned-menswear-labels-and-stores