Grant Programs to Know This Black Business Month
Black Business Month, celebrated every August, was founded in 2004 by John William Templeton and Frederick E. Jordan Sr. as a way to recognize and support the significant contributions of Black entrepreneurs to the economy. This month serves as a call to action, encouraging consumers, policymakers, and business leaders to address the unique challenges faced by Black-owned businesses.
Despite their resilience, Black-owned businesses still face significant disparities compared to their white counterparts. According to the U.S. Census Bureau, Black Americans own approximately 2.2% of the nation’s 5.7 million employer businesses. Moreover, Black-owned businesses have historically been underfunded, with limited access to capital being a major hurdle. The Federal Reserve reports that Black entrepreneurs are less likely to receive approval for business loans and often receive smaller amounts when approved, making it difficult to sustain and grow their enterprises.
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