August is National Black Business Month meaning there’s a particular focus on promoting and supporting Black Businesses across the U.S. and the US Black Chambers (USBC) are helping with the ByBlack platform.
The ByBlack platform is the USBC’s official database of certified Black-owned businesses. The platform not only maintains an extensive catalog of Black-owned businesses in everything from catering to construction, but it also promotes and encourages the community to By Black and support Black-owned businesses and entrepreneurs.
Black-owned businesses struggled during the beginning of the COVID-19 pandemic as access to cash became scarce and the Paycheck Protection Program did little to help small Black business owners.
However, by 2021 there was a 38% increase in the number of Black businesses as COVID stimulus payments gave Black men and women the startup funds to create their own financial futures and businesses.
USBC President and CEO Ron Busby told Ebony Magazine the increase in the number of Black businesses is the result of Black people being more aware of where they spend their money and trying to be more supportive of Black businesses.
“At ByBlack, our mission is to create meaningful economic opportunities for Black people through the Black businesses in our communities,” said Busby. “Our response to the May 2020 murder of George Floyd, and the social unrest that followed, was to support Black-owned businesses as part of the Black Lives Matter movement.”
ByBlack is a one-stop digital platform that will connect consumers looking to spend their money on a wide range of Black products and services. Additionally, the Black-owned businesses that have ByBlack’s accreditation, receive access to the platform’s exclusive contracting, mentorship and training opportunities which are funded by By Black’s partners and sponsors.
Black businesses are paramount for the economic well-being of the U.S. According to the US Census, Black-owned businesses generated $133.7 billion in 2019 that served as jobs for 1.3 million people.
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