Black Businesses Still Need Investments To Thrive Equitably

by Daniel Johnson August 20, 2024 According to The Economist, while campaigns emphasizing the support of Black businesses are important, the more vital contributions come from recieving equitable access to capital, education, and connections. In June 2020, The Economist discussed ways Black businesses needed investment beyond placing the onus on consumers to support Black businesses through “buy Black” campaigns.  According to the outlet, while such campaigns are important to the success of Black-owned businesses, the more vital contributions come from receiving equitable access to capital, education, and connections.  Recently, INC laid out its own suggestions for ways to help support Black-owned businesses, and unsurprisingly, the advice remains much the same as it was in 2020. This is a sign that despite some policy and funding access improvements, there has not been much change on an institutional level since The Economist’s report.  As Shaundell Newsome, the founder of Sumnu Marketing, argued in an op-ed for Fortune, although there has been some assistance provided through the Bipartisan Infrastructure Act, mentorship in the Black economic community can also boost these businesses.  Newsome also called for larger corporations to support these businesses by creating or participating in programs that give financial assistance or resources...