National Black Business Month: Why Supporting Black-Owned Businesses Strengthens Our Communities Year-Round
UTS Staff 
National – Every August, communities across the United States celebrate National Black Business Month, a time dedicated to recognizing the achievements, resilience, and economic impact of Black entrepreneurs. But this month is about more than celebration—it’s about understanding the critical role Black-owned businesses play in creating jobs, building wealth, and strengthening communities.
Founded in 2004 by entrepreneur Frederick E. Jordan and historian John William Templeton, National Black Business Month was established to increase awareness of Black-owned businesses while encouraging consumers, corporations, and government agencies to support them throughout the year. More than two decades later, the mission remains just as relevant.
Black Business Has Always Been About More Than Commerce
Throughout American history, Black-owned businesses have represented more than places to buy goods and services. They have served as engines of opportunity, centers of innovation, and pillars of neighborhoods.
From the thriving business district of Tulsa’s Greenwood community—often called Black Wall Street—to today’s technology startups, healthcare providers, restaurants, financial institutions, construction firms, media companies, and manufacturers, Black entrepreneurs have consistently created opportunities despite significant obstacles.
Business ownership has long been one of the most effective paths toward building generational wealth. Successful businesses create jobs, purchase from other local companies, contribute to the tax base, mentor future entrepreneurs, and reinvest profits back into their communities.
The Economic Power of Black-Owned Businesses
The impact of Black entrepreneurship continues to grow.
According to the U.S. Census Bureau, there are nearly 195,000 Black-owned employer businesses in the United States. Together, these companies generate more than $211 billion in annual receipts, employ approximately 1.6 million people, and provide over $61 billion in annual payroll.
Beyond employer firms, millions of additional Black-owned sole proprietorships, freelancers, consultants, and small businesses contribute billions more to the American economy each year.
This growth demonstrates both the determination of Black entrepreneurs and the increasing demand for products and services created by Black-owned companies.
Progress Worth Celebrating
Today’s Black business community is more diverse than ever.
Entrepreneurs are making an impact in industries including:
Healthcare
Technology
Artificial Intelligence
Construction
Finance
Manufacturing
Agriculture
Professional Services
Retail
Hospitality
Media and Entertainment
The rise of digital commerce and social media has also enabled Black-owned brands to reach national and global audiences without relying solely on traditional retail channels.
This innovation has helped thousands of businesses expand their customer base while creating new opportunities for economic mobility.
Challenges That Still Remain
While progress is undeniable, important barriers continue to affect many Black-owned businesses.
Access to capital remains one of the most significant challenges. Research consistently shows that Black entrepreneurs are more likely to be denied business loans, receive smaller funding amounts, and attract a disproportionately small share of venture capital investment compared with similarly qualified businesses.
Other ongoing challenges include:
Limited access to growth capital
Fewer large corporate procurement opportunities
Lower participation in venture capital funding
Difficulty scaling beyond small business status
Limited access to national advertising and marketing resources
Smaller professional networks and mentorship opportunities
These barriers can make it more difficult for businesses to grow, hire employees, and compete at the highest levels despite offering outstanding products and services.
Supporting Black Businesses Benefits Everyone
Supporting Black-owned businesses is not simply about where we spend our money—it’s about investing in stronger local economies.
When businesses grow, they create jobs.
When jobs are created, families become more financially secure.
When families thrive, neighborhoods become stronger.
When neighborhoods grow stronger, entire cities benefit.
Whether through purchasing products, hiring Black-owned vendors, referring customers, investing in entrepreneurs, or building long-term corporate partnerships, every act of support contributes to a more vibrant and resilient economy.
Beyond August
National Black Business Month serves as an important reminder, but meaningful support should not end on August 31.
Consumers can make a difference by intentionally seeking out Black-owned businesses throughout the year. Corporations can diversify supplier relationships and invest in long-term advertising and procurement partnerships. Community organizations can promote local entrepreneurs and provide networking and mentorship opportunities.
Sustained support—not seasonal attention—is what creates lasting economic impact.
Urban Trendsetters’ Perspective
At Urban Trendsetters, we believe Black-owned businesses are among the greatest assets in our communities. Every entrepreneur who opens a storefront, launches a website, starts a consulting firm, builds a media company, or creates a new product is contributing to a legacy of ownership, innovation, and opportunity.
National Black Business Month is not only a time to celebrate those accomplishments—it is also a call to action. By choosing to support Black-owned businesses consistently, we help create jobs, strengthen neighborhoods, inspire future generations, and expand opportunities for economic success.
This August, let’s do more than recognize Black businesses. Let’s build relationships with them, invest in them, advocate for them, and make supporting them part of our everyday lives.
Because when Black businesses grow, communities grow. And when communities grow, we all move forward together.
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