Black Owned Businesses in the United States
There are many black-owned businesses in the United States, and they contribute greatly to the economy. “African American-owned businesses are one of the country’s fastest-growing segments of the business community.”
There are several reasons for this growth. For starters, black entrepreneurs are often top performers in their industries. Their success gives them an advantage when it comes to starting businesses and expanding into new markets.
Entrepreneur’s Myisha Cherry says, “The education gap has created a wealth gap that makes it harder for black people to start and sustain businesses.” Most African Americans do not have the opportunity or connections to get a traditional loan, and more of them rely on credit cards to start businesses.
Here are some barriers that face black entrepreneurs:
Access to Capital: When black entrepreneurs want to start a business, they need outside funding and lack of access to capital generation can prevent them from starting businesses. Most banks do not loan money to African Americans. Businesses started by African-Americans receive less than 1% of all venture capital funds available in the U.S.
Race: It has been well documented that minority business owners face discriminatory practices when trying to secure loans from banks. Further, many times black entrepreneurs are passed over for promotions or advancement at work because of their race.
Education: According to an article published in The Journal of Negro Education, the lack of access to information is one major problem preventing African Americans from starting businesses. Many entrepreneurs do not possess basic business knowledge which can lead to failure. In addition, there is a lack of black teachers in the United States which presents another obstacle for African American students who want to own businesses.
There are many ways to get around these barriers and become a successful entrepreneur. African Americans have started magazines, television networks, and online publications that focus exclusively on businesses owned by African Americans. There are also many organizations that offer support and resources to black entrepreneurs.
There are many black-owned businesses in the United States, and they are a vital part of the economy. Here are some of the most successful ones:
1. Johnson Publishing Company
Johnson Publishing Company is the largest African American-owned publishing company in the world. It publishes “Ebony,” a leading monthly magazine that features African-American issues and celebrities. Ebony also has a special events division that produces the ESSENCE Music Festival, a major annual festival in New Orleans. Johnson Publishing Company also publishes “Jet,” a monthly news magazine featuring the latest news in the African American community.
2. Color Block
Color Block ( a black owned business in Chicago ) understands the demand for your product and designs a custom-designed suit for you.
Your brand character is an integral consideration in all that Color Block does- they care about applying it no matter if on paper or through apparel design; even with grants or other gifts given to clients. Customized products have become so popular nowadays because people want their needs met by companies who know them well enough. Product personalization is a process of delivering goods and products to clients according to their necessities and wants.
You can contact on given information to get your product customized by Color Block
Contact no.- 617–843–5436
Emai address — info@colorblock.io
3. Hip Hop Caucus
Hip Hop Caucus is a national nonprofit organization that aims to use hip-hop culture to educate and motivate young people of color about civic engagement and civil rights. It has garnered the support of artists like Russell Simmons, Jay-Z, Queen Latifah, Public Enemy’s Chuck D., Ludacris, Alicia Keys, Kanye West, and John Legend.
4. Nationwide Children’s Hospital
is the seventh-largest pediatric hospital in the United States. It is the largest not-for-profit hospital for children in the world, and it serves more than 3 million patient visits annually. Nationwide Children’s Hospital has earned Magnet Recognition from the American Nurses Credentialing Center — one of only 6% of hospitals nationwide to do so.
5. Rainbow Push Coalition
is a national civil rights organization. It campaigns for racial equality, economic justice, and social change. The Rainbow Push Coalition has affiliates in over 180 cities across the United States.
6. National Association for the Advancement of Colored People
(or NAACP) is one of the oldest and most influential civil rights organizations in the United States. The NAACP’s primary mission is to fight for racial equality and civil rights for African Americans.
Bottom Line
There are many other successful black-owned businesses in the United States. These are just a few examples. By supporting these businesses, we can help to build a stronger economy and create jobs for African Americans. Thank you for your support!
