FACT: THERE ARE 2.6M BLACK-OWNED BUSINESSES IN THE U.S. GENERATING $150.2B ANNUALLY.

 

 

FACT: BLACK-OWNED BUSINESSES GENERATE $150B GROSS REVENUE AVERAGING  $58K PER COMPANY. THIS IS 86% LOWER THE THAN THE AVERAGE FOR ALL SMALL BUSINESSES AND THE LOWEST OF ALL ETHNIC GROUPS.   

 

FACT: DURING THE COVID-19 CRISIS, BLACK BUSINESSES DECLINED 41% BETWEEN FEBRUARY 2020 AND APRIL 2020 VS A 17% DECLINE FOR WHITE-OWNED BUSINESSES.

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FACT SOURCE: U.S. CENSUS BUREAU, SURVEY OF BUSINESS OWNERS.   

THE SYSTEMIC AND INSTITUTIONALIZED RACISM STEMMING FROM CENTURIES OF CHATTEL SLAVERY, JIM CROW AND SEGREGATION CONTINUES TO HAVE A DEVASTATING IMPACT ON THE BLACK COMMUNITY.

 

This ‘Black Tax’ creates a massive financial burden on Black households that dramatically reduces their ability to leave a substantial legacy for future generations. When it comes to accumulating wealth in America, there has never been a level playing field for the Black Community.

 

Before the COVID-19 pandemic,  the national Black unemployment rate was roughly the same as it was in 1968 and is still double the white unemployment rate. After fair housing legislation was passed in 1968 during the Civil Rights era, the Black home ownership rate increased for 30 years and reached nearly 50% in 2004. However, the gains were erased by 2016. The U.S. Census Bureau stated the homeownership rate nationally for Black households declined to 41.7% in 2016, near a 50-year low. According to the National Association of Real Estate Brokers (NAREB), Black home ownership hasn’t been this low since the time when housing discrimination was legal. NAREB’s president Ron Cooper said, “We lost a trillion dollars’ worth of wealth that we must regain”.

 

Regarding education, the internet site Blackdemographics.com noted the number of Black people with post-secondary degrees significantly increased nationally between 1995 and 2010. In 2010, the trend began to reverse and in 2017 The Education Trust (a nonprofit organization that promotes closing opportunity gaps in education for students of color and those from low-income families) published statistical data that indicated about 41 percent of Black students who start college as first-time, full-time freshmen earn bachelor’s degrees within six years — a rate 22 percentage points below that of white students.

 

These disparities in employment, home ownership and educational attainment for Black people are exacerbated by the disparity in entrepreneurism and business development. These statistics are symbolic of "canaries in the mine" as noted by Charlene Rhinehart – Black Wealth May Fall to Zero by 2053 (Black Enterprise, July 2019). The facts make it clear that the economic health of the Black community is in dire straits and in need of an intentional strategic plan if it is to recover and thrive in the 21st century!

FIFTY-FIVE YEARS AFTER

DR. KING'S SPEECH,

BLACK PEOPLE CONTINUE TO

SUFFER HUGE DISPARITIES IN

HEALTH, ACADEMIC ACHIEVEMENT,

INCARCERATION RATES AND WEALTH

 

The racial wealth gap is enormous; according to the U.S. Census Bureau’s  most current population survey, Black families in America earn $57.30 for every $100 in income earned by white families and a New York Times 2017 article stated; for every $100 in white family wealth, Black families hold just $5.04. In addition to these appalling financial statistics, Black children languish in low performing schools across the United States and a racist criminal justice system persists where Black people are incarcerated at significantly higher rates than whites for nonviolent "crimes" like marijuana possession, while white owned cannabis companies reap millions in profits.

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THE MOVEMENT

ORGANIZE A LOCAL 

COMMITTEE IN YOUR STATE 

PARTICIPATING STATES TO DATE

The majority of Black people are in the same dire condition all over America.

This is why the Black Business Empowerment Commission (BBEC)

is working to ensure there is a BBEC Planning Committee in every state.

National planning committees will allow Black people to work

collectively to develop businesses, encourage entrepreneurship,

educate a generation thru workforce development and provide

backoffice support and technical assistance to Black Business Enterprises.

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YOUR STATE NOT LISTED? START A COMMITTEE TODAY! 

 
 
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“…it is obvious today that America has defaulted on this promissory note insofar as her citizens of color are concerned. Instead of honoring this sacred obligation, America has given the Negro people a bad check, a check which has come back marked “insufficient funds.” But we refuse to believe that the bank of justice is bankrupt. We refuse to believe that there are insufficient funds in the great vaults of opportunity of this nation. As so we’ve come to cash this check, a check that will give us upon demand the riches of freedom and the security of justice.”
– Rev. Dr. Martin Luther King, Jr.

BBEC DOES NOT CARE TO BE ELOQUENT, POLITICALLY CORRECT OR SOFT SPOKEN...BLACK BUSINESSES ARE DYING!

Black Business Empowerment Commission®

Email: info@BBECommission.org

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