- Advertisement -
Home Entrepreneurship Number Of Black Businesses Fell 41% Feb To Mar: Time To Support

Number Of Black Businesses Fell 41% Feb To Mar: Time To Support

- Advertisement -

A recent study for the National Bureau of Economic Research suggests that the number of Black business owners actively working fell 41% from February to April. If accurate, that would mean 440,000 Black entrepreneurs were forced to close up shop, in that time. During the same period, active white business owners experienced a drop of just 17%. The pandemic has hit Black businesses exponentially harder than whites, a fact that was always perfectly understood. What is less clear is how many of those Black entrepreneurs will be gone, for good. If you find a Black entrepreneur, this is the time to support them: Black people cannot afford to lose more.

640,000 Black entrepreneurs were working in April. Before the pandemic, the number was 1.1 million. The steep drop is all the more glaring, when compared to whites, a disparity that is certainly rooted in the lack of capital. A number of those Black entrepreneurs will make their way back but to be sure, many have permanently closed their doors. The Black entrepreneurs who remain are the only hope Black communities have and at all costs, they must be supported. Without them, Black people have little chance to create jobs in their community. With significantly fewer businesses and jobs, the idea of creating wealth is mere fantasy. Without strong Black businesses, all the protesting in the world will make little difference: Black people will continue to live under the thumb of white people.

What is it that Black people have been protesting for? Is it merely the right to not be killed by police? Black people were objecting to a world in which they don’t live freely, a condition impossible to achieve without economic independence. The number of Black owned businesses has, for the moment, decreased. Those that remain must be supported such that they grow, expand, franchise, diversify and reinvest into other Black entrepreneurs. The recent emphasis on supporting Black owned businesses nationally is well-timed but isn’t nearly sufficient to replace all that has been lost and grow to the true need of the Black community. Millions of Black people need jobs with living wages and indeed, quite a few are locked up and have no place to go, once released.

The commitment to Black owned businesses must be even stronger than what has been observed, of late. Black people are digging out of a COVID-19 hole, which was set in the broader context of every historical disparity Black people wrestle against. A few weeks of energy simply can’t undo all of that, Black people must continue on and with even greater resolve.

- Advertisement -
D'Juan Hopewell
I care about Black Power. Period. Currently working on creating jobs and funding new startups on the South Side of Chicago and writing here and there at HopewellThought.com. Follow me @HopewellThought.
- Advertisement -

Stay Connected

332,716FansLike
732,979FollowersFollow
220,589FollowersFollow
2,458FollowersFollow
2,988SubscribersSubscribe

Must Read

Get Caught Up On New Africa August’s Opening Weekend!

New Africa August has arrived and if you missed the opening weekend, you missed quite a bit. If you haven't registered yet,...
- Advertisement -

Black Owned Toilet Paper Brand Saving Environment & Creating Change

We are flushing our future right down the toilet, literally. The equivalent of 270,000 trees are flushed down the drain daily, in...

12-Year-Old Entrepreneur Runs Organic Skincare Products Business

Most 12-year-olds are consumed with their next video game but Isaiah Klassen is more concerned with his profit margins. At just 12,...

New Africa August Is Here!

Everyday we should be working for the advancement of our community and to set aside a time in which we recognize and...

Related News

Get Caught Up On New Africa August’s Opening Weekend!

New Africa August has arrived and if you missed the opening weekend, you missed quite a bit. If you haven't registered yet,...

Black Owned Toilet Paper Brand Saving Environment & Creating Change

We are flushing our future right down the toilet, literally. The equivalent of 270,000 trees are flushed down the drain daily, in...

12-Year-Old Entrepreneur Runs Organic Skincare Products Business

Most 12-year-olds are consumed with their next video game but Isaiah Klassen is more concerned with his profit margins. At just 12,...

New Africa August Is Here!

Everyday we should be working for the advancement of our community and to set aside a time in which we recognize and...

T.I. Demands Insurance Giant Pay Reparations For Slavery

Image via Getty/ Dominik Bindl Lloyd's of London is an insurance and reinsurance market located in London. Founded in 1686, today Lloyd's takes in...
- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here