Black History Month: Local organizations helping minority-owned businesses propser
DELMARVA – “We are addressing a unique demographic with unique challenges,” Khan said.
There are an estimated 161,000 black-owned businesses that contribute upwards of $183 dollars annually to the U.S. economy according to the U.S. Census Bureau.
Yet, those same businesses fail at alarming rates compared to their white counterparts due to lack of resources, primarily access to capital. “I noticed that a lot of the business would get started and then after a year or two things may start to slow down. They’re in the need of the resources to get them over that hurdle,” Faith Over Fear Economic Empowerment Inc. Founder Angela Morton said. “It’s also depending on the community that you’re in. If there’s gun violence and other crime, there will be a lack of economic opportunities in those areas,” DEBCC Founder Ayanna Khan said.
That’s where both Faith Over Fear Economic Empowerment Inc. and the Delaware Black Chamber of Commerce are stepping into to provide economic opportunity and support to those businesses here on Delmarva. “We don’t have grand opening and then closings but longevity and legacy within the black community,” Khan said.
Both organizations offer workshops and trainings on a variety of topics from financial literacy to creating a business plan. Faith Over Fear Founder Angela Morton said that black entrepreneurship has seen an uptick locally and attributes that to those business owners taking advantage of the resources right in their own backyard. “You have that dream, and you want to see it fulfilled. So, they’re taking that leap of faith, which ties into Faith Over Fear,” she said. “Some of them also may have had failed experiences in business ownership and now have a second attempt to do it the right way,” Khan said.
As of this month, DEBCC has 651 member businesses, which includes more than 1,000 stakeholders. Khan told 47ABC that growth doesn’t stop there. “We’ve built a solid community of diverse businesses. A third of our membership is non-minority. We’re proud to say we’re the most diverse chamber in the state of Delaware,” she said.
Both organizations tell us that they’re also working with lawmakers on legislation to support minority owned businesses.
Faith Over Fear tells us more youth are also expressing interest in entrepreneurship. That’s why they’re offering a Jr. Wall Street Program.
The state has also partnered with the Delaware Black Chamber of Commerce to sponsor membership for up to a year for businesses to join DEBCC. Khan told us that they’ve already received 30 membership applications in February alone. DEBCC has also partnered with Del-One Federal Credit Union who’s committed $1 million for a minority designated loan program.
