You may wonder why you should buy from Black owned businesses in Chicago. There are many reasons to support these companies. It's a great way to close the wealth gap and support a creative community. You might also be able to get something unique if you spend money at Black-owned businesses. Read on to learn more about why you should support Black-owned businesses. Below are just a few examples. Listed are some of the benefits of supporting Black-owned businesses in Chicago like Shernett Swaby.
Supporting Black-owned businesses helps close the racial wealth gap
Investing in and supporting Black-owned businesses helps close the racy gap by generating new jobs and increasing economic output. In fact, minority-owned businesses accounted for over half of all new businesses in the past decade, and are the fastest-growing segment of the U.S. business community. However, despite their growth, Black-owned businesses continue to lag behind their white counterparts in terms of size, revenue, and failure rate.
By supporting Black-owned businesses, consumers are helping their communities overcome poverty and environmental injustices. It's easy to support Black-owned businesses by shopping at their stores or purchasing their goods and services. The Berkeley Side and UCSF both have lists of Black-owned businesses in the Bay Area and the East Bay. They are also great places to go for a meal or a drink after a hard day of work.
It's good for the community
There are many benefits of supporting black owned businesses. In addition to being a good way to support the community, these businesses generate more jobs and a stronger workforce. A more equitable business sector can help alleviate economic inequality and create jobs for people of color. One of the best ways to support these organizations is to purchase goods and services from these businesses. Whether they are brick and mortar businesses or online stores, you can support these businesses by purchasing their products.
Studies have shown that Black-owned businesses generate more jobs than non-Black businesses. In fact, nearly a third of Black firms are in the health care and social assistance sectors. Compared to non-Black firms, 54% are owned by Black women. This disparity may be largely due to investment capital. Many businesses in the health care, wholesale trade, and technology sectors require significant amounts of startup capital. This makes these firms better suited for minority-owned firms.
It's good for the economy
The growth of Black owned businesses is unprecedented, but they require more support than ever. During the recent Covid-19 pandemic, 41% of black-owned businesses closed down, compared to only 17% of white-owned businesses. This is largely due to weak financial positions caused by discriminatory banking relationships, a limited federal assistance program, and strong competition from larger companies. Despite these challenges, however, there are several reasons why Black-owned businesses are good for the economy.
Many Black entrepreneurs start businesses inspired by African American culture, such as clothing and hair care businesses, or children's toy companies. Other Black-owned businesses are created to meet a community need, such as affordable vegan beverages. Sol Sips, for instance, was founded to bring affordable and healthier organic juices to the Brooklyn Bushwick neighborhood. In addition, Black-owned businesses create jobs and contribute to the economy in other ways.
It's good for the creative community
While it is difficult to support a business that is primarily run by people of color, many individuals and organizations can make a difference. By purchasing from Black-owned businesses, individuals can help the creative community while at the same time supporting themselves. People who have authority and influence tend to buy from businesses that are owned by black people. These individuals can spread the word about their favorite businesses by leaving reviews on social media and business websites.
Many people are skeptical about supporting Black-owned businesses in Chicago, however. The lack of respect that Black people often receive as business owners and consumers is an enormous deterrent. Many investors are not likely to see the merit in investing in Black companies or ideas. It is even harder to find investors for Black companies, as they are perceived as being a niche market compared to other sectors of the economy. However, considering the 44 million Black people in the U.S., there's a market for black-owned businesses.