‘Lifeblood’: Black-owned businesses are more than just an economic boost to Knoxville

What does a single Black-owned business mean to the community? The ripple effects of successful Black businesses go far beyond contribution to the local economy. For starters, they create jobs, help Black families pass on wealth and send kids to college. They are the “lifeline and lifeblood” of the local Black community, said Terrence Carter, vice president of economic and business development at the Knoxville Area Urban League. They benefit the entire economy. Black-owned businesses contribute nearly $40 million in annual wages and around $90 million in annual revenue to Knox County, according to the most recent U.S. Census data. Most are small firms that are closer to the people and the issues on the ground, and Carter encourages large businesses to partner with them for mutual benefit. “I think people don’t give enough value to how much they contribute to the tax base,” Carter told Knox News. “Every small business that exists in a minority community, we ought to be helping them grow in scale, because it’s good for the total economy, large companies as well as the small minority companies.” Still, there are far fewer Black-owned businesses than there should be. If the number of Black-owned businesses with...