Minority-owned businesses play a crucial role in our economy as they help in generating community wealth. They generate more than $1.4 trillion in annual gross revenue for the US economy, and they account for 19.9% (1.1 million) of all US employer businesses. It’s no surprise that the economy thrives when more minority-owned businesses succeed.
Minority-Owned Businesses (MBEs) are incredibly inventive, fast-growing, and well-represented in every industry sector in the United States. However, the fact remains that Black business owners and other minority entrepreneurs continue to face a disproportionate number of challenges when it comes to launching a business, including a lack of access to capital. We can – and should – do more to uplift these businesses and fight for their success.
After all, since Black people make up approximately 13% of the population in the United States, yet just 9.5 percent of businesses and 2% of companies with employees are owned by them, it means that we’re long overdue for change. The good news is that supporting minority-owned business growth is one way to promote equitable outcomes across the United States.
The fact is, Minority-owned enterprises require support, not only because they are valuable members of our society, but also because they contribute to economic progress and communal development. If you’re looking to support any of these Minority-owned businesses across the nation, then why not check out these five companies?
Black Girl Sunscreen
It’s a fairly common misconception that only fair-skinned people are vulnerable to sun damage, but that couldn’t be further from the truth. UV damage can harm deeper skin tones, too, leading to serious health concerns such as malignant melanoma and severe photoaging. Fortunately, the founders of Black Girl Sunscreen, located in the heart of Van Nuys, aim to change that.
Historically, many sunblocks tended to rely upon zinc oxide to help block the damaging rays of the sun. However, this leads to something called “white cast,” which especially looks quite obvious on those who are on the opposite side of the Fitzpatrick scale. Black Girl Sunscreen avoids that by using a carefully formulated blend of ingredients that both protect the skin and look great on darker complexions.
For Keeps Books
For many, it can be difficult to find literature that is both relatable and enjoyable to read. Many of the books that line the shelves of popular retailers tend to cater to casual readers, which can be quite alienating for those who can’t identify with them. Finding something to read – something that also happens to include diverse representation – can be a serious challenge for bibliophiles.
For Keeps Books, based out of Atlanta, is an amazing resource for those who are looking to partake in novels that were written from the African American perspective. Not only will you find a vast assortment of books written by Black authors, but you’ll also find merchandise (such as hats and tee-shirts) in this popular bookstore, and even collectible memorabilia such as autographed tomes from established authors.
While an outfit may help set up a backdrop for dancers, it can also carry a lot of cultural nuances. This is more so true when it comes to styles like ballet. Now that more African Americans are exploring this graceful and beautiful style of dance, they’re starting to realize that they’re unable to buy the basic garments that are needed to enjoy this physical art form.
Far too often, “nude” clothes would only come in various shades of beige. Since many dancers like to use skin-colored tights and leotards for their dancing, having the option to purchase deeper colored articles of clothing from Nude Barre (located in New York City) made it much easier for Black dancers to dip their en pointe toes into ballet. Yes, it’s extremely simple, but very much needed and long overdue.
Advent Capital Management
The pandemic has stressed businesses across the nation creating an air of uncertainty and disillusionment. Sadly, this is largely due to institutionalized racism and antiquated policies in place. Because of this, many of the major financial institutions may outright dismiss minority investors, erroneously believing that they don’t have the resources to invest their income.
While Advent Capital Management wasn’t created specifically for Black customers, it’s refreshing to see an investment firm founded by an African American individual who can understand and empathize with these individuals. The founder, Tracy Maitland, is proud to share that 55% of the company’s employees are minorities or women, a serious step in the right direction for this publicly-traded, New York-based company.
When you think of essential services, what comes to mind? Is it grocery retailers who help put food on our tables, or perhaps it’s the manufacturing of household supplies that make our lives easier? One thing that many of us tend to overlook is the access to basic healthcare, especially for our young children. That’s what makes the creators of NightLight Pediatric so wonderful and profound.
This urgent care center was founded in Sugar Land, Texas, but it now has eight branches for parents and their small children to visit. While their doors are certainly open to patients of all races, ethnicities, and creeds, it’s remarkable to note that a staggering 80% of their employees are minorities. In a world where so many children face neglect, having this service available is life-changing.
Support Minority-Owned Businesses Today
Far too often, many of our nation’s minorities are largely overlooked and neglected. Not only are they refused access to standard universal rights, but the simple things (such as having clothes or skincare products specifically catered to their unique needs) are also forgotten. Through the hard work of these minority-owned businesses, though, this careless oversight is finally starting to change for the better.