With the number of Black-owned businesses growing each year, Black Business Month provides an opportunity to recognize and support these companies for the crucial role they play in boosting the American economy and providing U.S. jobs.
The Export-Import Bank of the United States (EXIM) supports these efforts by offering trade finance tools that small businesses need to export their goods and services around the world.
Black Business Month began in 2004 when John William Templeton, a journalist and historian, along with Frederick E. Jordan, an engineer and entrepreneur, founded the annual observance to foster support for and recognize the accomplishments of Black-owned businesses.
To underscore that message, EXIM President and Chair Reta Jo Lewis is presenting a special message to celebrate Black Business Month and honor the nation’s 3.6 million Black-owned businesses for the contributions they make to the economy and to the nation.
EXIM President and Chair Reta Jo Lewis celebrates Black Business Month. You also can view her message here.
Growth of Black-Owned Businesses
The number of U.S. Black-owned businesses continues to increase across all sectors of the U.S. economy, according to the most recent data from the U.S. Census Bureau, which found that:
- The total number of Black-owned businesses is nearly 3.6 million. That represents a combination of businesses with one employee plus businesses with more than one employee, which are counted separately by the Census Bureau.
- The nonemployer businesses totaled nearly 3.5 million, or 12.7 percent of all U.S. nonemployer businesses. They generated annual receipts of $83.6 billion. Nonemployer businesses are those with one employee, are subject to federal income tax, and have receipts of $1,000 or more.
- Black-owned employer businesses — those with more than one employee — totaled 161,031. They accounted for 1.4 million employees and about $183.3 billion in annual sales.
Resources for Reaching the Global Marketplace
To help spread the word about EXIM financing to underserved communities, EXIM’s Minority and Women-Owned Business Division (MWOB) works closely with organizations that have a minority trade focus to create opportunities for U.S. companies that are owned by minorities, women, veterans, and people with disabilities. The MWOB Division is celebrating its 25th anniversary in 2024.
As part of those efforts, EXIM recently launched an innovative new product — the Equity Express Select (EQS) export credit insurance policy, an insurance tool created to help underserved companies begin or expand their export business.
The EQS insurance product is designed to help qualifying businesses start or expand their exporting journey and then graduate to one of EXIM’s other export credit insurance products. It is supported by an in-house customer service team that will guide companies through the application and servicing process.
Expanding Opportunities and Fostering Potential
Throughout August, EXIM will be marking Black Business Month by participating in numerous events designed to educate underserved small businesses about the opportunities exporting offers and how they can get started, including:
- Carolinas-Virginia Minority Supplier Development Council (CVMSDC) Business Opportunity Conference 24, August 5-6 in Virginia Beach, Virginia.
- National Institute of Minority Economic Development (The Institute) Executive Networking Conference, August 5-7 in Pinehurst, North Carolina.
- Women’s Business Enterprise National Council (WBENC) Global Forum Insights Series Webinar, online August 15, 3-4:30 p.m. EDT.
- Building Bridges to Global Markets at the National Black Business Conference, August 21-25 in Atlanta, Georgia.
Many innovative small business owners struggle because they don't know where to get help, and EXIM can help alleviate that, said Nancy Flake Johnson, President and CEO of the Urban League of Greater Atlanta, who serves as Co-Chair of EXIM’s Council on Small Business.
"Expanding opportunities for women and minority businesses to grow is important because there's a lot of untapped potential there that just isn't getting fostered," she said. "When any small business grows, it's good for everybody."
To find out how EXIM can help your business compete in the global marketplace, schedule a free consultation with a member of the MWOB team and launch your export journey today.
