By: Christina Nguyen
February is Black History Month. One of the main ways we’re celebrating is by supporting Black-owned businesses, which has several benefits for both the Black community and our society overall.
Black businesses have historically suffered from discrimination and continue to do so today, being statistically less likely to receive loans and other sources of funding compared to white-owned businesses. While combating these forces will take time and collective effort, one easy way to make things a little better is to consider a Black-owned brand next time you’re seeking any product or service.
No matter what you’re looking for, there’s probably a Black-owned business for you ‒ whether it’s a small local shop or a multibillion dollar enterprise. From economic reasons and cultural ones, here’s our breakdown of the positive impact you can make by shopping Black-owned:
Help celebrate Black culture and features.
Several Black-owned businesses are geared towards the needs of their communities, whether it’s haircare inclusive of natural textures or African cultural items. For example, Black-owned beauty brands are more likely to carry items that suit Black skin tones, such as the appropriate foundation and lipstick colors. Black-owned online bookstore Mahogany Books curates books relating to Black issues and the African diaspora.
Being able to access products that suit your unique needs helps to foster a warm sense that you are heard, seen and included. Even if you’re not Black, don’t worry, many Black-owned brands also carry something for every shade while also meeting their community’s needs!
Help close the racial wealth gap created by centuries of discrimination.
Even after the abolishment of slavery, several laws and cultural values remained or were created that prevented Black individuals from attaining higher education, high-paying jobs, and home ownership. This made it much more difficult for the community to amass generational wealth, as there was little to pass down to the next generation.
Supporting Black-owned businesses can help Black families own property, paving the way for credit building and a sustainable legacy.
Create jobs for the Black community.
Of course, Black-owned businesses have to hire people! Just like any other business owner, they often hire from their local community and network, which often consists of individuals of similar ethnic backgrounds. More job opportunities means more financial empowerment, leading to an overall sense of power, ability and stability.
Being able to find work can open up several doors for Black individuals to fund higher education and possibly their own businesses, opening up a pipeline towards more communal success and prosperity.
Increases the visibility of Black activism.
Many Black-owned brands use marketing to draw attention to issues in their communities, such as industry underrepresentation, economic inequality, and skin color discrimination. For example, Black-owned beauty brand Uoma Beauty recently launched a social media campaign focusing on disassociating the word “black” with negative words relating to malice, immorality and death, as this verbal link has been theorized to exacerbate the global stigma of having darker skin.
What are some ways you’ve been helping to uplift the Black community? What are some of your favorite Black-owned brands? Let us know in the comments below!
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About Stingray Advisory Group LLC: Stingray Advisory Group LLC is based in Grand Rapids, Michigan and is a proud member of Local First and the West Michigan Hispanic Chamber of Commerce. We help small businesses grow by providing guidance in financial planning, website development, marketing, and more.
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