Imbalances in lending, limited access to funds, and being subjected to the takeovers of larger companies, all play a major role in stunting the growth of black-owned businesses.
While there is difficulty for any business to achieve success, Black entrepreneurs historically have endured endless challenges, 8 out of 10 Black-Owned Businesses fail within the first 18 months of operation.
Supporting black-owned businesses bridges many gaps, such as economic vitality, uplifts community's, and sustains inclusion.
Why Should You Support Black-Owned Businesses?
There are tons of reasons why you should support black-owned businesses, but we are narrowing down our top three:
1 | Closes the racial wealth gap
This helps increase the flow of wealth to the black community in which they live. The median wealth for white families averages to about 12 times that of black families. By supporting black-owned businesses, you create more opportunities for meaningful savings, property ownership, credit building and generational wealth.
2 | Creates jobs and opportunities
Many black business owners fund their own businesses due to the lack of capital. As a result, it makes it difficult to generate enough income to pay employees.
Often, black-owned small businesses typically hire from the community, supporting them can foster job opportunities for others.
3 | Represents the green economy
The green movement is the celebration of diversity by and for all people. A movement that recognizes underrepresentation of people of color. Supporting black-owned businesses demonstrates that the green movement is everybody's movement. Additionally, this inspires others to join the green community.
How Can You Contribute?
Buying locally from black-owned businesses is a monumental action to support within your community.
xo Brown Girl began our journey in August 2020, back then, we sold our now retired statement t-shirts that supported our community. Shortly after launching, I discovered a different pathway. I realized my passion was to develop natural skincare products that addressed the concerns of women of color and delivering knowledge to help improve the overall health of their skin.
We offer plant-based skincare that is inspired by and grounded in the skincare challenges women of color commonly face -- acne, hypergimenation, and dry skin. xo Brown Girl believes in a simple, yet effective approach when formulating our products. We are rooted in the philosophy of balance, being good to your body, building cultural connections, and advocating for those with melanin-rich skin.
At xo Brown Girl, we are currently raising funds in collaboration with Kiva to go directly to expansion to a physical storefront. This gives our community direct access to our products. Additionally, this funding will assist with expanding our operations and product development.
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