Today's Date: March 29, 2024
Anaergia Announces Delay in the Filing of Its Audited Financial Statements and Related Disclosures   •   VIRGIN HOTELS CHAMPIONS INCLUSIVE TRAVEL FOR NEURODIVERSE TRAVELERS   •   Taro Pharmaceuticals U.S.A., Inc. Expands OTC Portfolio for Children with the Introduction of bébé Bottoms™   •   Suffolk Kicks off 2024 “Build With Us @ Suffolk” Program in Boston for Trade Partners, Opening Doors for Minority-,   •   Empire State Realty Trust Receives WELL Health-Safety Leadership Award; Becomes Among the First Commercial Office and Multifamil   •   Parkland Corporation Announces the Results of the 2024 Annual General Meeting of Shareholders   •   Coachella Concerned That People Have Sex, Says AHF   •   Carnegie Learning Named 2024 SIIA CODiE Award Finalist for Best Educational Game and Best AI Implementation in Ed Tech   •   Visit Visalia Recognizes Autism Awareness Month in April   •   Fosun Management on 2023 Annual Results: Focusing on Core Industries with Established Advantages   •   Re:wild and Colossal Biosciences team up to leverage revolutionary technology to save critically endangered species on the brink   •   Midea Group releases its first-ever ESG brand story with an unexpected VIP visit highlighting its commitment to sustainability.   •   Sypher Secures Strategic Partnership with FAIA to Fuel Growth   •   Anaergia Announces Escrow Closing of Second Tranche of the Strategic Investment   •   Jamieson Wellness Publishes Inaugural Sustainability Impact Report   •   YMCA of the USA Partners With Old Spice To Increase High School Graduation Among Boys And Young Men Of Color Through Mentorship   •   National University Receives 2024 Military Friendly® Gold Designation   •   Make-A-Wish and celebrity wish granters announce goal to recruit 1 million people to become "WishMakers"   •   Equalpride Partners with TransLash Media for Trans Day of Visibility, Amplifying Voices of Black Trans Femmes in the Arts   •   Amerex Group Unveils Red Carter Swimwear's Revitalized Collection
Bookmark and Share

Urban League On Black-Owned Businesses

Commentary by Marc H. Morial, President National Urban League


NEW YORK - "I had to make my own living and my own opportunity!  But I made it!  Don't sit down and wait for the opportunities to come.  Get up and make them!"  Madam C.J. Walker, trailblazing African American businesswoman.

There is a silver lining in the dark cloud of the great recession.  A new Census Bureau report reveals that from 2002 to 2007 the number of Black-owned businesses in the United States increased by 60.5 percent to 1.9 million – more than triple the national rate.  According to Census Bureau Deputy Director, Thomas Mesenbourg, “Black-owned businesses continued to be one of the fastest growing segments of our economy, showing rapid growth in both the number of businesses and total sales during this time period.”

The reasons for this are many, beginning with the long history of African American entrepreneurship in response to poverty, high unemployment and discrimination.   Consider the case of Madam C.J. Walker, the daughter of slaves who, in the early 1900s, turned her dream of financial independence into a hair care and cosmetics business that revolutionized the beauty products industry, created good paying jobs, and made her a wealthy woman and philanthropist.

Like Madam C.J. Walker, many African Americans may have turned to entrepreneurship in the years covered by the Census Bureau study because of high unemployment in our communities.  The fact is, Black unemployment never got back down to where it was before the recession in 2001.  So in effect, what we are seeing is a bit of entrepreneurship by necessity.  There’s also an economic independent streak, particularly among emerging generations in the Black community.  Building a business gives great satisfaction and cushions them from the shock of losing jobs because of economic down cycles.

New York State leads the country with more than 204,000 Black-owned businesses, followed by Georgia and Florida respectively.  From 2002 to 2007, nearly 4 in 10 of these businesses operated in the health care and social assistance; and repair, maintenance, personal and laundry services sectors.  The retail trade and health care and social assistance sectors accounted for 27.4 percent of Black-owned business revenue.

The survey also found that in addition to an increase in the number of Black-owned businesses, annual sales increased by 55% to $137.5 billion.

I recently called on federal, state and local governments to develop a “hyper-focus” on black- and minority-owned businesses.  Every city, county, and state needs to have a plan that focuses on small and minority business.  There is a spirit of entrepreneurship out there that needs to be nurtured and energized.

While the Census Bureau report is generally good news, we know that Black businesses still make up only 7 percent of all companies and they tend to be smaller and have lower gross receipts than other businesses.  Black-owned businesses are also often hampered in their revenue growth by a lack of capital, connections and contracts.

What I hope this report says loudly and clearly to the investment community is that you are missing an emerging market in the United States.  If minority businesses are growing at a faster clip than overall businesses, imagine what the growth rate would be if those barriers were eliminated or lowered.  We need the investor community to look at this report and recognize that they are missing an incredible opportunity.

 


STORY TAGS: Black News, African American News, Minority News, Civil Rights News, Discrimination, Racism, Racial Equality, Bias, Equality, Afro American News



Back to top
| Back to home page
Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News