Breaking Barriers: Resources and Support for Black Entrepreneurs

“Every dream begins with a dreamer. Always remember, you have within you the strength, the patience, and the passion to reach for the stars to change the world.” — Harriet Tubman

Black History is an integral part of American history and we have dedicated the month of February to celebrating the achievements of African Americans. And, although this month-long celebration is winding down — I think it is important to celebrate and recognize these achievements throughout the year.

With that said…

Growing up in the Midwest I witnessed racial tensions as the Civil Rights Movement gained momentum across the country. Since then, there have been some truly noteworthy strides:

1. Passage of the Civil Rights Act of 1964 and subsequent legislation prohibiting discrimination based on race in employment, housing, and public accommodations.
2. Increased representation in almost all levels of politics.
3. Improved educational opportunities between HBUs and the number of Black Americans with college degrees.
4. Achievements by sports figures, entertainers, and black entrepreneurs:

• Oprah Winfrey-media mogul and philanthropist
• Robert F. Smith-founder of Vista Equity Partners manages over $70 billion in assets.
• Tyler Perry-filmmaker, actor, and playwright who built Tyler Perry Studios — a media empire.
• Beyoncé-globally renowned musician, actress, and entrepreneur
• Shawn “Jay-Z” Carter — Successful rapper, music producer, and entrepreneur.
• Daymond John-founder of FUBU, a multi-million dollar fashion brand.

Despite our progress, significant racial disparities and inequities in the U.S. continue — and, unfortunately, the small business sector has been impacted as well.

Black business owners must navigate racism and biases in addition to the daily tasks and usual pressures of running a business. And despite what proved to be a temporary surge in consumer support following the murder of George Floyd — 46% of Black business owners who advertise their businesses as “Black-Owned” think it is actually a…