4 ways you can support Black-owned businesses in your community 

Did you know that, according to a 2021 survey, just three percent of U.S. businesses had a majority Black ownership? 

As we celebrate Black History Month and the significant strides that have been made towards racial equality, it’s important to also reflect on the contributing factors to unequal business opportunities. 

During Black History Month and throughout the year, the good news is that supporting Black-owned businesses in your community is a great way to both help the economy and advance racial justice. No matter what time of year it is, here are some effective ways to support Black-owned businesses:

• Shop at Black-owned businesses: The ways in which you choose to spend your money have a big impact beyond the goods or services you’re paying for. With each transaction you make, you’re making a choice about who and what you’re supporting from a business standpoint. The next time you go out to eat, shop for art, or purchase household items, consider finding a local, Black-owned business that has what you’re looking for. Here’s one list that helps you find Black-owned businesses in Ohio, and here’s a search tool that allows you to look for Black-owned businesses in a given area.
• Spread the word: After shopping at a Black-owned business, don’t stop there. Consider leaving a positive review online, sharing the business on social media, and recommending the business to your friends and family. Many local businesses rely on these means to grow and succeed, so don’t hesitate to spread the word.
• Invest with equality in mind: Just like your everyday transactions, your investments are also a significant opportunity to back your beliefs up with your dollars. The practice of racial justice investing involves investing in companies that are Black-owned, are leaders in diverse hiring and workplace practices, or otherwise have a proven track record of socially responsible business practices. Consider evaluating your investment portfolio to identify areas where your dollars can be put to work to advance racial equality.  
• Donate to a cause: There are many organizations working to support Black-owned businesses, close the racial wealth gap, and advance racial equality. You can consider supporting these efforts by donating to organizations like the National Black Chamber of Commerce and Black Connect.

Investing in inclusive communities   

Westfield Bank was founded on the idea that thriving businesses are the foundation of healthy communities. Entrepreneurs of all backgrounds deserve equal opportunities to access capital, grow their businesses, and benefit their communities. 

Learn more about all the ways Westfield Bank partners with businesses to help them achieve success.