Neighbors,
August is Black Business Month. Black businesses provide safe and welcoming establishments for our residents to work, shop, and receive services, as well as serve as an economic engine for our communities. Small businesses have always been the backbone of our economy and now more than ever we must be intentional with our support.
Black Business Month is particularly important this year given the impact caused by the COVID-19 public health emergency on small businesses. Long before COVID-19, black businesses in the District struggled with equitable access to capital and opportunities. According to Forbes, black-owned businesses in the U.S. increased 34.5% between 2007 and 2012 totaling 2.6 million firms, however more than 95% of these businesses are sole proprietorships or partnerships. COVID-19 coupled with long-standing economic inequities is forcing many black business owners to consider closing.
In the District's fiscal year 2021 budget I funded a disparity study needed to legally implement a true minority business enterprise program, created an equity impact fund to provide access to capital for economically and socially disadvantaged businesses, and established a new Certified Business Enterprise designation that will address structural impediments to funding access faced by many black business owners.
As we continue together in our responses to COVID19 as well as racial and economic injustices, I ask that you join me in supporting black business by patronizing a black business, writing a positive review, and sharing your experience on social media using the hashtags #BlackBusinessDC #OurWard5.
In service,
Kenyan
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