Celebrating Black Business Month: A timeline of progress and impact

Celebrating National Black Business Month

By Michigan Banner
3 Min Read
National Negro Business League Executive Committee with Booker T. Washington seated second from the left. (Courtesy of the Bain News Service collection, Library of Congress, undated)

August marks Black Business Month, a time to recognize and celebrate the achievements and contributions of Black entrepreneurs throughout history. This month offers a chance to reflect on the remarkable journey of Black business owners and their impact on the economy and society. Here’s a timeline highlighting key milestones in Black business history in the United States, as sourced from the SBA.gov:

  • Philadelphia, 1810: The African Insurance Company, the first Black insurance company, is founded.
  • New York, 1821: Thomas Jennings becomes the first African American to receive a patent for his invention of the “dry-scouring” process, a precursor to modern dry-cleaning methods.
  • New York, 1827: Freedom’s Journal, the first Black newspaper, is established.
  • Boston, 1900: Booker T. Washington founds the National Negro Business League, marking the beginning of what historian Juliet E.K. Walker termed “the Golden Age of Black business” lasting until 1930.
  • Oklahoma, 1906: O.W. Gurley creates the town of Greenwood and opens the first business in what would become known as “Black Wall Street.”
  • Nationwide, 1932: The Great Depression causes African American unemployment rates to soar to approximately 50%.
  • New York, 1945: Rose Meta Morgan launches a salon celebrated for promoting Black women and Black beauty standards.
  • Chicago, 1971: Joan and George Johnson’s Johnson Products Co. becomes the first Black-owned company listed on the American Stock Exchange.
  • Nationwide, 2002-2007: The number of Black-owned businesses grows by 60.5%, significantly outpacing the national average growth rate of 18.0%, reaching 1.9 million.
  • Nationwide, 2002-2011: Black businesses experience unprecedented growth, marking the largest increase in the number of businesses in this century.
  • Nationwide, 2010: The Dodd-Frank Wall Street Reform and Consumer Protection Act aids Black-owned businesses in obtaining federal contracts.

Recent census estimates reveal that Black or African American-owned businesses account for over 161,000 establishments, generating $183.3 billion in annual receipts, employing 1.4 million people, and producing about $53.6 billion in annual payroll. Notably, approximately 45,015 of these businesses (28%) are in the Health Care and Social Assistance sector.

In Michigan, over 54,000 Black-owned small businesses contribute significantly to the state’s economy. Many of these businesses are sole proprietorships, reflecting the entrepreneurial spirit and individual efforts within the Black community.

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