Black History Month is a time to reflect on the accomplishments and contributions of Black people throughout history. It is also a time to acknowledge the ongoing struggles and challenges that Black people face today. One way to support and uplift Black communities is by supporting Black-owned businesses. While doing so during Black History Month is important, supporting these businesses should be a year-round commitment. 

Why support Black-owned businesses?

Supporting Black-owned businesses is crucial for several reasons. Firstly, it helps to close the racial wealth gap. According to a study by the Federal Reserve, the median net worth of a white family is ten times higher than that of a Black family. This is partly because Black people face more significant barriers when accessing capital and starting businesses. Black-owned businesses have faced systemic barriers and discrimination for generations, making it much harder for them to succeed. According to a report by the Brookings Institution, Black-owned companies are three times more likely to be denied loans than white-owned businesses. These disparities in access to capital, resources, and support have made it difficult for Black entrepreneurs to thrive and grow their businesses. By supporting Black-owned businesses, we can help to create more economic opportunities and promote financial stability within the Black community.

In addition to the economic benefits, supporting Black-owned businesses is also an act of solidarity. It sends a message that we recognize and value Black entrepreneurs’ contributions and stand with them in the fight for equality and justice. By investing in Black-owned businesses, we are investing in the future of Black communities and creating a more equitable society.

How to support Black-owned businesses

There are several ways to support Black-owned businesses, including:

Shop at Black-owned businesses: Whether it’s for groceries, clothing, or cosmetics, make a conscious effort to seek out Black-owned companies and make purchases from them. You can use online directories and guides to find businesses that ship to your area. For example, you can support Modara Naturals whether you are in Nigeria, Canada, the U.S., or the U.K.

Spread the word: Tell your friends and family about the Black-owned businesses you’ve discovered and encourage them to support them as well. You can also share information about these businesses on social media or write reviews online to help raise awareness. It’s crucial we spread the love.

Invest in Black-owned businesses: Consider investing in Black-owned companies through crowdfunding platforms like Kickstarter or Indiegogo. You can also explore investment opportunities through organizations like Black Girl Ventures or Backstage Capital.

Partner with Black-owned businesses: If you’re a business owner or decision-maker, consider partnering with Black-owned companies for your supply chain or procurement needs. This can help to diversify your supplier base and support the growth of Black-owned businesses.

Supporting Black-owned businesses during Black History Month and all year round is a critical way to promote economic and social justice. We can help create a more equitable and inclusive society by consciously seeking out and supporting Black-owned businesses. For us here at Modara Naturals, it’s vital that we bring awareness to these issues year-round and do our part as a black-owned company. We invite you to check out some of our monthly top picks, support us, discover some beautiful life-changing natural skin care products and become part of our lovely community of beauty lovers from around the globe as well. We promise you that supporting a black-owned business has never felt so good!