According to the U.S. Census Bureau, there are approximately 2.6 million black-owned businesses in this country. While the growth is encouraging, receipts for all minority-owned firms are still well below the receipts for white-owned firms. A huge problem is that despite a collective buying power of $1.3 Trillion dollars, very little of that money stays in Black communities or is spent on Black-owned businesses.
Research has found that a dollar circulates in Asian communities for approximately 30 days, in Jewish communities 20 days, in white communities 17 days, and in Hispanic communities 7 days. In contrast, a dollar circulates in the Black community only six hours.
Furthermore, just 2 cents of every dollar an African-American spends in this country goes to Black-owned businesses. In her book, “Our Black Year: One Family’s Quest to Buy Black in America’s Racially Divided Economy”, Maggie Anderson recounts her experiences patronizing black-owned businesses while highlighting the challenges many black businesses face (black businesses lag behind all other businesses in every measure of success).
Research has found that if higher-income Black consumers spend at least $1 out of every $10 with Black-owned businesses, it would generate one million jobs for African Americans.
Knowing how much of an impact supporting black business can make, how do we go about supporting them?
Well, the North Texas Black Business Directory wants to provide some increased visibility into the often overlooked options available in the Black Business community. Our goal is to be an easily accessible place to find Black owned businesses that offer products and services you need.
I hope you will help us and join us in showcasing the various options available throughout the Black community.