National Black Business Month
August 11, 2022
August is National Black Business Month, and we recognize the Black-owned businesses across the country and in our community. Historian John William Templeton and engineer Frederick E. Jordan founded National Black Business Month in August 2004 to “drive the policy agenda affecting the 2.6 million African-American businesses.“
It’s a time to acknowledge and appreciate black-owned businesses across the nation and all that they represent in the country’s continual striving for diversity and equality. “Black Business Month is exciting because it gives us an opportunity to focus on a community that is far too often underrepresented when it comes to access to capital and opportunities to build wealth.” States Denise Moore, CEO of the Black Business Alliance in Peoria, Illinois.
When we celebrate the contribution of black business owners and entrepreneurs, it pays homage to them and their legacies, especially since celebrating this month recognizes the importance of black-owned businesses when it comes to contributing to the nation’s economy. Approximately 10% of all American businesses are black-owned, and if we look at what statistics say about minority-owned businesses, about 30% of these would belong to black business owners. According to the U.S. Census Bureau, that amounts to approximately two million companies owned by African Americans. Nearly 40 percent of black-owned businesses are in health care and social assistance, repair and maintenance, and personal and laundry services. Other categories include advertising firms, auto dealerships, consulting services, restaurants, barbershops, beauty salons, and more.
We want to highlight some of our TVFCU business members during this special month. Show your support and visit them:
Chattanooga Cigar Club & Six18 Restaurant
Black Business Month History
The history of Black Business Month can be traced back to the year 2004, when engineering entrepreneur Frederick E. Jordan partnered with the president and executive editor of the scholarly publishing company eAccess Corp,’ John William Templeton, to start this annual event. The intention of the pair was to “drive the policy agenda affecting the 2.6 million African-American businesses,” in order to highlight and empower Black business owners all over, especially given the unique challenges faced by minority business owners. This stemmed from Jordan’s own personal experience of the struggle to gain financial backing and funding when he began his own firm in San Francisco in 1969.
Today, he is the successful owner of F. E. Jordan Associates Inc., a company that has international reach, but it also led him to realize that the odds are still not in favor of Black entrepreneurship. To push for equity in the business spaces and to celebrate those who are thriving despite the challenges, Black Business Month is a month-long celebration of entrepreneurs who beat the odds.