Why and how you should support Black Owned Businesses.

Why+and+how+you+should+support+Black+Owned+Businesses.

Kaeyla Stevens '23

Kaeyla Stevens '23

During the pandemic, small businesses have been heavily impacted. Many small businesses were financially fragile, even before COVID-19 was prominent. “Black businesses experienced the most acute decline, with a 41% drop. Latinx business owners fell by 32% and Asian business owners dropped by 26%.”. Black-owned businesses were more than twice as likely to close than their white counterparts, according to the New York Fed.

1. To help close the racial wealth gap.

We can trace today’s racial wealth gap to Jim Crow-era practices, job discrimination that segregated African Americans from higher-paying jobs, and homeowner ownership opportunities that prevented wealth building.

2. To Strengthens Local Economies.

When small businesses flourish, so do their communities. A 2017 study by the National Community Reinvestment Coalition found that banks were twice as likely to provide business loans to white applicants than Black ones and three times as likely to have follow-up meetings with white applicants than more qualified Black ones.

Consumer spending accounts for 70 percent of the entire U.S. economy. If we direct some of that spending to Black-owned businesses across the country it would help many small towns and communities flourish. Supporting Black-owned businesses in turn supports families, employees, and other business owners, as well as attracts community investors who provide banking services, loans, and promote financial literacy. These are all things that build economic strength.

3. Celebrates Black Culture and Serves Communities.

Many Black entrepreneurs start businesses inspired by African American culture. For example, Black-owned clothing stores, hair care, and make-up products, and children’s toys. Some Black-owned businesses are created to bring access to services specific to the community’s needs. These kinds of business uplift communities, fostering a sense of pride in the people that live there. When you support Black-owned businesses, you get products that are valuable for the unique character they bring and, you avoid spending money at other companies that may not celebrate Black culture.

To help get started on supporting Black Owned Businesses you can ask some of your friends if they know of and or support any local and or online businesses. Or, even a simple google search could help you find black-owned businesses’ around you and the world.

Here’s a list of Black Owned Businesses around Colorado to help support:

*Businesses that I have a personal connection to, reach out to me for personal information.*

Restaurants, Food, and Beverages:

Welton Street Cafe – soul food, Five Points.

Smokin’ Bones BBQ food truck – A barbecue food truck. 

Coffee at the Point – coffee, beer, wine, cafe fare, Five Points.

Endless Grind Coffee – coffee, roaster, Aurora.

Smith + Canon – ice cream, City Park West.

Walia Creamery – ice cream, Lowry.

 

Cultural Organizations & Non-Profits:

Black American West Museum – museum, Five Points.

Blair Caldwell African American Research Library – Library, Five Points.

Black Actors Guild – art, education, entertainment, Lincoln Park.

Curls on the Block – STEM and empowerment program for girls.

SCD Enrichment Program – school-based nonprofit, summer camps, virtual classes.

*Nana’s Kids Childcare – Preschool & Childcare Services. Call 720-490-5454 for information.*

Health, Wellness & Beauty:

Body & Soul – spa, women’s and men’s salon, Hale.

Salon Utopia – spa, women’s and men’s salon, Cherry Creek.

JBe Beauty – women’s salon, skincare, makeup, lashes, Wash Park.

Blessed Beauty Lounge Hair Salon – women’s salon, extension, permanent makeup, lashes, Parker.

myEgo Lash & Beauty Boutique – lashes, waxing, Five Points.

Nouveau Wax and Aesthetics – waxing, lashes, massages, etc., Virginia Village.

*Tanya Does Hair LLC – 8000 E Quincy Ave Suite 127, Denver, CO 80237.*

Body Love By Tal – Organic Skincare, Created by a Regis Graduate.