August is National Black Business Month: Why Support Matters Year-Round
Every August, National Black Business Month shines a spotlight on the innovation, resilience, and economic contributions of Black-owned businesses across the United States. It is both a celebration and a reminder that supporting these enterprises strengthens local economies, fosters job creation, and fuels innovation in communities nationwide
The Economic Impact of Black-Owned Businesses
Black-owned businesses are a vital force in the U.S. economy. According to the U.S. Census Bureau’s 2022 Annual Business Survey, there are roughly 195,000 majority Black-owned employer businesses generating $141 billion in annual revenue and employing 1.6 million people. The SBA estimates that when including non-employer firms, Black entrepreneurs own over 3.5 million businesses nationwide, spanning industries from technology to retail to professional services.
Despite this economic footprint, Black-owned businesses have historically faced disproportionate barriers to growth—ranging from unequal access to capital to systemic bias in supply chains. Research shows Black business owners are significantly less likely to secure bank financing than white counterparts and often encounter reduced visibility in broader markets.
The COVID-19 pandemic magnified these inequities. Between February and April 2020, the number of active Black-owned businesses dropped by 41 percent, compared with a 17 percent decline among white-owned businesses, according to the National Bureau of Economic Research. While many have rebounded, the gap in access and opportunity remains a critical challenge to closing the wealth divide and unlocking the full potential of Black entrepreneurship.
Why This Month Matters to Us
At Kindall Evolve, National Black Business Month is personal. As a certified Black-owned business, we know firsthand both the opportunities and the obstacles that come with building and growing a company in an environment where access, visibility, and networks are not distributed equally. Our journey has been shaped by resilience, strategic partnerships, and the support of clients and allies who believe in the value of diverse leadership. This month is a moment to celebrate how far we have come, but it is also a reminder of the work still ahead, to ensure that the next generation of Black entrepreneurs has an even stronger foundation to build from.
How to Support Black-Owned Businesses This Month and Beyond
- Buy Intentionally
Seek out Black-owned businesses in your community or through online marketplaces. This could mean choosing a Black-owned coffee shop for your morning latte, sourcing from a Black-owned vendor for your company, or shopping at Black-owned boutiques. - Expand Your Supplier Network
For organizations, supplier diversity programs can create lasting impact by intentionally including Black-owned vendors in procurement processes. - Invest in Partnerships
Collaborations and strategic partnerships can help Black-owned businesses scale, innovate, and reach new markets. - Share Their Stories
Visibility is powerful. Highlight Black-owned businesses in your networks, on social media, and through word-of-mouth referrals.
Moving From Awareness to Action
National Black Business Month is a chance to not only celebrate but also take meaningful steps to level the playing field. Sustainable support requires year-round commitment, including Black-owned vendors in corporate supply chains, providing mentorship and sponsorship opportunities, and investing in communities that have historically been underrepresented in entrepreneurship.
By supporting Black-owned businesses, we strengthen the economic fabric of our communities and foster a more inclusive and resilient economy for everyone.
Work With Kindall Evolve
Kindall Evolve partners with leaders to strengthen organizational culture, drive performance, and lead change with clarity and confidence. As a certified Black-owned business, we bring both lived experience and proven expertise to every engagement. If you are ready to create a stronger, more inclusive culture in your organization, we would be honored to work with you.
Connect with us today to start the conversation.