Supporting organizations and causes is core to Joybees because our purpose is to bring joy to families. We do this by creating affordable, quality shoes that are easy for families to love. However, once per quarter we look beyond selling and focus on giving. This month we are celebrating Black Business Month by sharing why it’s important to support black-owned businesses, giving back to Black Girl Ventures, and partnering with some awesome Black-owned businesses.
Why We Are Supporting Black-Owned Businesses
Black-owned businesses often face extra-ordinary challenges in establishing and growing their businesses, beginning with securing bank loans, capital and finding investors (1). As a result, there aren’t many Black-owned businesses to start with, and with the effects of the pandemic on the economy and small businesses, more now than ever these businesses are struggling at a disproportionate rate compared to White-owned businesses (2).
At Joybees, we want to help these businesses grow as well as celebrate Black culture. Many Black entrepreneurs are inspired by the richness of African American culture itself when starting their businesses. Clothing stores, hair care and make-up products, and children’s toys are just a few examples of product-specific businesses that are often inspired by culture. In addition, many Black-owned businesses bring access to services specific community’s needs. These businesses uplift and foster communities. We are choosing to support Black-owned businesses because not only do we want to see them prosper but the products available are often unique in character and story.
What We Are Doing To Support
1. Buying directly from Black-Owned Businesses
If you’re in Colorado, 303 Magazine has a fantastic list that they are continuing to update of over 400 businesses to support. Additionally, sites like WeBuyBlack, Support Black Owned and Nile help consumers connect directly with Black-owned brands locally and online. There are also some additional sites and apps that will help users locate and frequent Black-owned businesses: The Black Business List, the African American Literature Book Club, and EatOkra. Don’t forget social media! Facebook or Instagram is also a great way to locate more businesses to support. You can search hashtags like #BlackOwnedBusiness, #SupportBlackArt, and #SupportBlackBusiness.
2. Lifting Black Voices
Throughout this month and moving forward we will be sharing resources that help families continue conversations around anti-racism and social justice. If you’re not already, join our Facebook group Taking A Break From Busy for additional resources we will be sharing. We are partnering with Black-Owned Businesses to share their stories and amazing products with our community through social and our Friends of Joybees program.
In June, we were able to donate 10 books to The Conscious Kid Foundation. This month we are donating 5% of profits on joybeesfootwear.com from August 17-21 to Black Girl Ventures. This organization helps Black/Brown identifying women get their start in entrepreneurship by offering education and funding.
According to the Federal Reserve, Black-owned businesses are less likely to be approved for bank loans, with an approval rate of 46.5 percent compared to 75.3 percent for white-owned businesses. While Black entrepreneurs also receive less than 1 per cent of VC capital from Angel Investors.
The effects of the pandemic are straining the US economy as a whole, but Black-owned businesses have been particularly impacted. According to the National Bureau of Economic Research, 440,000 Black-owned businesses shuttered in the US, or 41 per cent of the total 1.1 million, between February and April this year. In comparison, only 17 per cent of white-owned businesses closed in the same time frame.