Supporting Black Businesses on Juneteenth & All Year Long

Juneteenth is an annual holiday celebrated on June 19th to commemorate the end of slavery and holds deep significance for the African American community. It is now recognized as a federal holiday and many companies (including ABCD & Company) give employees the day off. We encourage our team members to support black-owned businesses and even provide them with a list of great businesses to check out in our area.

With Juneteenth coming up next week, I wanted to use this newsletter to discuss why supporting black businesses is important, what we do at ABCD & Company to champion black businesses, and what we can all do to celebrate and honor the upcoming holiday.

The Importance Of Supporting Black Businesses

Black-owned businesses play a crucial role in promoting economic empowerment within the black community. Supporting these businesses helps create jobs, generates wealth creation, and fosters economic growth in underrepresented communities. Black-owned businesses have generated $206 billion in annual revenue and created 3.56 million jobs in the US alone, which adds up to roughly 20% of the black workforce. In fact, a 2020 McKinsey study revealed that if black-owned businesses averaged the same revenue as white-owned companies, it would lead to an additional $200 billion pumped into the economy - benefiting everyone. By directing resources towards black entrepreneurs, we can help reduce income inequality and create a more inclusive and booming economy.

Historically, black communities have faced systemic barriers to accumulating wealth, resulting in a significant wealth gap between black and white households. White Americans, on average, possess ten times the total wealth of black Americans and are 28 times more likely to become millionaires. By supporting black-owned businesses, we take a meaningful step towards closing this gap and creating opportunities for black entrepreneurs to thrive. When we increase representation, we not only create a more inclusive marketplace, but we also promote innovation and bring diverse perspectives to the forefront. Supporting black-owned businesses can also inspire future generations of black entrepreneurs, who can see successful business owners who share the same background and receive motivation to pursue their dreams.

Supporting black-owned businesses isn’t just something to do on Monday - our support should extend beyond Juneteenth, as sustained commitment is pivotal to create lasting change. When possible, research and patronize black-owned businesses all year long.

What We Do

ABCD & Company is a 100% black-owned business and we are very proud of our commitment to supporting black and minority owned businesses whenever possible. In fact, at two of our most recent events we spent nearly $300,000 with minority-owned businesses. We believe that it is incumbent upon us to give back to our community and help support businesses like ours.

Members of our executive team have also been recognized by and support many organizations that promote black commerce and provide opportunities to young entrepreneurs of color. Among our executive ranks, we have a member of the The Black Owner & Women’s (BOW) Collective, a Top 100 Black in Events leader, a Black Enterprise Magazine’s BE Modern Man award winner, and participate in the African Diaspora Network Accelerating Black Leadership and Entrepreneurship.

All five members of our senior strategy team are proud alumni of Historically Black Colleges & Universities (HBCUs), which create countless opportunities for black students. In fact, this week we are working on Howard University & PNC National Center for Entrepreneurship’s event - “Black Commerce: The Future of Entrepreneurship”. It is heartening to see the future of black entrepreneurship at work here and I look forward to seeing the strides they take in the future to support black commerce.

What You Can Do

How else can you celebrate and commemorate the Juneteenth holiday? Aside from supporting black-owned businesses, you can also support black art. Buy and read books by emerging black authors (especially if you can purchase them from a black-owned bookstore.) Watch black movies, support black artists, and promote and applaud their work on social media.

You can also use the day to learn more about black history. Juneteenth is a great opportunity to deepen our understanding of the African American experience. By exploring the rich tapestry of black history, we can gain valuable insights into the struggles, triumphs, and contributions of African Americans throughout the centuries. Learn about the civil rights movement, celebrate the achievements of black leaders and visionaries, and acknowledge the ongoing fight against systemic racism.

Conclusion

This Monday, while you (hopefully) enjoy a day off from work, I hope that you will take the time to reflect on the meaning of the holiday. By patronizing black-owned businesses on Juneteenth and all year long, you can celebrate the achievements of black entrepreneurs, inspire future generations, and contribute to lasting change.