Despite the unfortunate events that occurred in 2020, one good thing did come out of it all– black-owned businesses saw a swell of support among the public. There are plenty of reasons as to why you should support black entrepreneurs and small businesses. And in this article, we will look at some of them. Without further ado, let’s jump in.
When black-owned businesses flourish, so do their communities. For one, successful businesses are likely to attract community investors, who may provide the resources to strengthen the local economy. Plus, investing in black-owned businesses lets you promote the community’s purchasing power for which the proceeds recirculate within the community, thereby supporting family, employees, and other business owners.
Caribbean and African businesses in Canada create millions of entrepreneurial opportunities. Given that most black-owned businesses are sole proprietorships, they are likely to hire within their communities, which is also key to empowering local communities and breaking generational cycles of poverty.
Bridge the Racial Wealth Gap
Black-owned businesses are critical to closing Canada’s Black-White wealth gap. Based on statistics, minorities in Canada receive earn 29% lower than white Canadians. However, by investing in a Caribbean and African Business, you could help bridge this gap
How to support a black-owned Canadian business
A simple search on the internet of black-owned businesses in Canada should yield a comprehensive Black-Owned Business Canada Directory for you to choose a business to support. You could even filter your results by city or product to ease your search. From purchasing from black-owned businesses to writing positive product reviews about them to publicizing these businesses on your social media accounts, there is no shortage of ways you can support black-owned businesses.
So what are you waiting for? Go out and shop black-owned restaurants, retails, and services today.