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As August is National Black Business Month we celebrate, recognize, and support Black-owned businesses and entrepreneurs in an effort to highlight their economic contributions and the challenges they face. Established in 2004 by historian John William Templeton and engineer Frederick E. Jordan Sr., this month-long observance aims to increase awareness and encourage intentional support for these businesses, big & small.

Here is Why National Black Business Month is Important:

~ Economic Impact ~

Black-owned businesses are vital to the national economy and serve as wealth-building engines within communities. Recent data and reports from 2024 and early 2025 indicate that Black-owned businesses contributed significantly to the economy, with estimates of $183.3 billion in annual receipts in 2024

~ Addressing Challenges ~

The month acknowledges the historical and ongoing disparities that Black-owned businesses face in accessing capital and resources. Despite growth, Black-owned businesses continue to face hurdles, including smaller average revenue and increased likelihood of operating at a loss compared to other demographics, although challenges with hiring and supply chains were less pronounced in 2024 compared to other firms. 

~ Promoting Growth ~

National Black Business Month encourages initiatives and resources aimed at fostering the growth and sustainability of Black enterprises. Many initiatives and advocacy efforts focus on increasing access to capital and opportunities to support the growth of Black businesses and address systemic barriers.

Here are ways to Support Black Businesses:

Purchase from Black-Owned Businesses

Increase Visibility

Engage in Community Events

Provide Networking Opportunities

Be Intentional

Remember...

From Germantown to South Philly to the Northeast and beyond, visit diverse shopping districts with black-owned businesses all over the city now and throughout the year. When you shop Black, you also support the health of our local environments, while stimulating the local economy, not just in August, but all year long!