By Lakeshia N Myers
Representative LaKeshia Myers
August is Black Business Month, a time to celebrate and appreciate the many African American businesses across the country. In 2019, there were 134,567 Black-owned employer companies (businesses with more than one employee) in all sectors of the US economy, an 8% increase from the 124,551 Black-owned employer companies in 2018, according to the US Census Bureau’s annual business survey . This is important as we are seeing a shift from large retailers to smaller community-based shopping in most communities. It’s also important when understanding the $1.2 trillion spending power of African Americans.
According to the McKinsey Institute for Black Economic Mobility, “healthy black-owned businesses could be a critical component in closing the black-white wealth gap in the United States that we project will drive the $1 to $1.5 trillion economy US dollars (in 2018 US dollars) will cost. per year by 2028” (McKinsey, 2022).
African American businesses have been an integral part of stabilizing our community for generations. In Wisconsin we are fortunate to have the Columbia Savings & Loan Association, the first (and only surviving) black banking institution in the state of Wisconsin. Columbia is one of only forty-two black banks in the United States. Founded in 1924 by Mr. Wilbur & Mrs. Ardie Halyard, the bank has financed home loans for many African American families and churches in the community.
I strive to purchase goods and services from Black-owned businesses whenever possible. For work or play, there is most likely a minority provider offering a service. To understand that these are usually small businesses that offer unique products and have a direct impact on families. I encourage everyone to explore a new Black-owned business by downloading the MKE Black app or grabbing a copy of the Wisconsin Black Pages.
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