Black Business Month has been observed since 2004 and this August marks the twentieth-year anniversary celebration. Its 20-year history can be traced back to where it all began, when visionaries Frederick E. Jordan, an engineer and entrepreneur, and John William Templeton, an entrepreneur, author, historian, president and executive editor of the scholarly publishing company eAccess Corp, founded National Black Business Month in August 2004.
The joint goal of the duo partners’ brainchild was to advance policies that were uniquely impacting over 2.6 million African-American businesses, including issues with gaining financial backing. These issues are especially infuriating considering a rich and culturally significant history of black business owners opening crucial, inclusive business spaces like barbers and tobacco shops as far back as the late 1700s, said officials. Now, black-owned businesses account for around 10 percent of U.S. businesses and 30 percent of minority-owned businesses. Women of color also account for around 50 percent of all female entrepreneurs and continue to offer community-led services with an inclusive feel.
Black Business Month is a time to recognize and support Black-owned businesses and entrepreneurs across the country. The goal is to highlight and empower Black business owners across the country, as well as acknowledge the challenges that minority business owners face.
In essence, the month-long observance aims to: highlight the economic contributions of Black-owned businesses; raise awareness of the challenges they face, such as limited access to capital, underrepresentation, and historical disparities; encourage consumers and institutions to support Black-owned businesses; and advance policies that impact Black-owned businesses.