Black Business Month Action and Resources
08/13/2024
 By Danielle Fallon-O’Leary
Editor’s note: August is National Black Business Month, founded in 2004 by Black entrepreneurs Frederick E. Jordan, an engineer, and John William Templeton, a publisher and historian, to highlight and support Black-owned businesses.
Black entrepreneurs play a valuable role in our nation’s economy. According to the United States Census Bureau’s most recent estimates, the United States has over 161,000 Black-owned businesses, bringing in over $183 billion annually. Yet, Black Americans remain underrepresented among United States entrepreneurs and are often less likely to receive funding from lenders than their white counterparts.
 In an effort to help close this opportunity gap, here is an extensive list of resources geared toward supporting Black entrepreneurs.
Black Business Accelerator
Black-owned retailers can sign up for Amazon’s Black Business Accelerator program, which offers various resources for those looking to sell their goods on the e-commerce platform. Participating businesses can access financial support, mentorship opportunities, and education to build their brands and customer reach.
Black Business Accelerator is open to US-based entities that are at least 51% Black-owned, managed, and controlled. Participating companies must also have a Professional selling plan on Amazon, a physical product that is ready to sell, and a Black-owned business certificate.
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The Black Business Alliance
The Connecticut-based Black Business Alliance (BBA) works with Black business owners both in the state and nationwide to promote and grow small and medium-sized Black- and minority-owned businesses. Since 2014, the BBA has worked with over 600 business owners and professionals to provide economic development, business workshops, networking opportunities, and access to capital.
Additionally, minority small business owners in Connecticut can apply for the Minority Business Revolving Loan Fund (MBRLF), facilitated by BBA in partnership with the state and the Department of Economic and Community Development (DECD). The MBRLF program offers loans up to $100,000 to eligible applicants. Those interested in applying must first complete an intake form and meet with a representative from BBA.
Black Business Association
The Los Angeles–based Black Business Association advocates for policies to increase access to contract and procurement opportunities in both the public and private sectors. Members can access networking events, training and resources, and funding opportunities designed for Black business owners and professionals.
Black-owned business directories and marketplaces
Several websites and organizations have started Black-owned business directories, including well-sourced sites such as Official Black Wall Street, Support Black Owned, and We Buy Black. These sites make it easy for consumers to find Black-owned companies to support and for Black-owned businesses to increase their visibility. Black business owners can also seek out marketplaces specifically for Black-owned businesses, where customers can buy directly from Black brands.
Black-Owned Business Resource Center
In partnership with NAACP, Hello Alice has launched the Black-Owned Business Resource Center to empower Black entrepreneurs. One resource within the center is the Black Business Corner, an online community for Black business owners to share ideas and support. Black entrepreneurs can also explore the site’s interactive how-to guides and on-platform grants.
Black Connect
The national nonprofit Black Connect provides an entrepreneurial ecosystem for current and aspiring Black business owners. Membership offers a range of support and services, including funding, mentorship, pro-bono legal services, and financial planning. Black Connect also hosts several business-oriented events, including an annual national pitch competition, and spotlights Black-owned businesses and their offerings. Those interested can join one of Black Connect’s chapters (which are available in Atlanta, New York City, Tampa, and Tulsa), or apply to form a local chapter in your community.
Black Enterprise
Black Enterprise is a digital media outlet that covers business, investing, and wealth-building topics for Black entrepreneurs and professionals. The media outlet also hosts in-person and virtual networking events, as well as podcasts like Your Money, Your Life and SistersInc. Black Enterprise also hosts a campaign in partnership with Nationwide to feature Black-owned businesses during Black Business Month (August).
Black Founders
Black entrepreneurs have historically been underrepresented in the venture capital–backed tech startup landscape. To help reverse this trend, Black Founders aims to support Black entrepreneurs in tech by providing access to mentorship and funding. The organization also prioritizes community building by hosting networking events, conferences, and hackathons.
Black Girl Ventures
Black Girl Ventures (BGV) was founded to support Black and Brown woman-identifying founders with access to a community, capital, and training. One of the business’s best-known events is its annual “Shark Tank”–style pitch competition, open exclusively to Black/Brown women founders; the 2024 competition is open to candidates in Austin, Chicago, New York City, and Los Angeles. The organization also offers fellowships, digital communities, and an accelerator program for students at historically Black colleges and universities.
Elevate Together
Elevate Together supports Black- and Hispanic-owned small businesses with five or fewer employees, working to address the systemic disparities these groups have historically faced in business growth. The nonprofit initiative provides business education, access to professional networks, and financial assistance—including grants, in-kind donations, and nontraditional lending sources—for Black and Hispanic small business owners.
Fast Break for Small Business
In partnership with the NBA, WNBA, and NBA G League, LegalZoom has launched its Fast Break for Small Business grant to improve equitable access to funding and legal services, particularly for Black-owned small businesses. Grant recipients are eligible for grants of $10,000 each, plus up to $500 worth of products and services from LegalZoom. Applications for the 2024 season close on September 13, 2024.
HerRise MicroGrants
The HerRise MicroGrant is focused on supporting women of color in their entrepreneurial endeavors. The grant awards $1,000 each month to community-impacting small businesses. Applications are open to US-based small businesses that are at least 51% owned by women of color and have under $1 million in gross revenue.
JPMorgan Chase Advancing Black Pathways
The Advancing Black Pathways initiative from JPMorgan Chase offers capital, technical support, and pathways for Black businesses. As of 2024, Chase has extended its initial five-year, $30 billion commitment to further advance equity and lessen the racial gap for Black business owners. Some of the funding is set aside for things like home loans and affordable housing, but to date, it has provided over $1 billion to support businesses in majority-Black, Hispanic, and Latine communities.
The Minority Business Development Agency
The Minority Business Development Agency (MBDA), part of the United States Department of Commerce, has played an important role for years in helping Black-owned businesses by providing guidance on how to get funding, compete for contracts, and make products export-ready. MBDA business centers are located around the United States in cities with large numbers of minority-owned businesses.
The National Black MBA Association
The National Black MBA Association (NBMBAA) is the largest network of Black professionals, comprising over 11,000 members, 40 local chapters, and over 300 partners in the corporate, academic, and not-for-profit spheres. Members gain access to professional development and certification access, virtual and in-person events (including a scale-up pitch challenge), and the NBMBAA Career Success Network. Those seeking executive-level positions can apply for the NBMBAA Gold Key Access program, which offers curated training and tools along with exclusive corporate sponsor networking opportunities.
The National Minority Supplier Development Council
The National Minority Supplier Development Council (NMSDC), a certification organization for minority-owned businesses, helps connect Black-owned businesses with more opportunities and partnerships. The NMSDC assists its more than 15,000 certified minority-owned businesses by helping match them with large corporations that wish to increase supplier diversity.
The National Urban League
The National Urban League, a civil rights and urban advocacy organization, has 92 affiliates serving 300 communities across the country. The organization offers a variety of services to support individuals facing equality gaps, including minority entrepreneurs who run their businesses as sole proprietors.
The National Urban League’s Entrepreneurship Center Program (ECP) has affiliates located in 13 cities, including Atlanta, Chicago, Houston, Los Angeles, New Orleans, and Philadelphia. As of 2024, the ECP has served over 30,000 participants and provided upward of $110 million in financing and contracting opportunities.
SCORE
The largest network of its kind in the United States, SCORE is a nonprofit dedicated to supporting small businesses through mentorship and education. Black entrepreneurs can connect with an experienced SCORE mentor for free business advice, leverage SCORE’s articles and resources on Black entrepreneurship, and register for online and local business-oriented events.
United States Black Chambers
The United States Black Chambers (USBC) acts as an umbrella organization that works to support more than 145 African American Chambers of Commerce and business organizations across the country. Local chambers promote and advocate for Black-owned businesses while the USBC works at a national level to highlight Black-owned companies with the ByBlack directory and certification program, educational webinars, and informative original content.
The UBSC also leverages several partnerships to provide broader support, visibility, and resources to Black entrepreneurs. These include the Grow With Google program, which provides training on digital tools for business development, and the Advancing Black Entrepreneurs program through Chase for Business, which offers practical financial resources for sustainable growth.
The United States Small Business Administration (SBA)
The SBA’s 8(a) program was created to level the playing field for small businesses owned by entrepreneurs from historically disadvantaged groups. According to the program’s guidelines, any business that is 51% or more Black-owned can compete for lucrative set-aside government contracts, receive help navigating federal contracts, and participate in training. To take part in the program, businesses must first get certified by the SBA.
Wish Local Empowerment Program
The Wish Local Empowerment Program, founded by e-commerce giant Wish, will distribute a total of $2 million to support Black-owned businesses. Approximately 4,000 small business partners will be chosen for the program, each receiving between $500 and $2,000.
The program is open to US Black-owned brick-and-mortar businesses with an annual revenue under $1 million and 20 or fewer employees. Those selected must join Wish Local, Wish’s small business partnership program.
Danielle Fallon-O'Leary is a writer and social media specialist who loves using her creativity to fuel her passion for communication. She also holds a master’s degree in communication sciences and disorders and works part-time as a pediatric speech therapist. Sean Ludwig and Emily Heaslip also contributed to this article.
Source:US Chamber of Commerce
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