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Smart Policy, Public Support Is
Essential To Black Business

Equal opportunity employers: When Black businesses thrive, the entire economy thrives, according to Phil Andrews, who says governments, lenders and other difference-makers have an obligation to help minority-owned businesses succeed. 

By Phil Andrews

To close out Black Business Month, let’s celebrate the dramatic increase in Black entrepreneurship and confront the challenges that still exist.

To overcome discriminatory lending practices and inadequate financial support, Black business owners have always been innovative and adaptable. They’ve built their own support networks through empowering organizations like the Long Island African American Chamber of Commerce (LIAACC) and the African American Small Business Foundation. The success of these organizations is measured by how member businesses increase their revenue, employ more people and bolster the net worth of their enterprises.

Black business owners have also built thriving communities online. Digital platforms have become a crucial tool, leveling the playing field and bypassing many of the gatekeepers that have historically undermined economic success in our communities.

The rise of digital platforms has brought a new wave of opportunities for Black entrepreneurs. With just a smartphone and a vision, Black business owners can now reach global markets, access vital resources and scale their ventures in ways that were previously unimaginable.

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Public Support Is Essential To
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Phil Andrews: Equal shot.

New research from the RAND Middle-Class Pathways Center confirms this, finding that online platforms are democratizing access to business ownership, especially for Black, female and younger entrepreneurs.

Despite these promising trends, systemic inequities cannot be solved by technology alone. Access to capital remains a significant hurdle, with Black business owners consistently denied financing far more than any other group.

Without sufficient financial support and visibility, even the most innovative and well-managed businesses often struggle to grow and compete. That’s why it’s crucial for everyone to support local businesses, recommend Black-owned businesses to their friends and family, leave positive online reviews, and share, like and follow on social media.

Government has a role here, too. Lawmakers must recognize the unique challenges faced by women and minority entrepreneurs and take action to address them. They should support policies that target the barriers that prevent Black businesses from accessing the resources they need.

Expanding grant programs, incentivizing lending to Black-owned businesses and expanding the U.S. Department of the Treasury’s Community Development Financial Institution program are all steps that can lead to a more equitable future. Initiatives like the U.S. Department Of Commerce’s Minority Enterprise Development Week (MED Week), which runs in October each year, raise awareness among minority-owned firms and offer access to resources to scale their businesses and broaden their networks.

Checkout The Long Island MED Week Video

Investing in robust digital infrastructure is paramount as well. Even here on Long Island, just outside of New York City, the digital divide is very real. Access to high-speed Internet and the tools needed to navigate the complexities of digital entrepreneurship should not be a luxury reserved for the few. These resources must be made available to all, ensuring everyone has the foundation they need to compete.

The digital divide doesn’t just refer to Internet access: education, device access and digital literacy are critical. Rather than the adversarial relationship the government often has with industry, elected officials and the tech sector should work together to provide comprehensive education and training programs essential to cultivating a pipeline of talented individuals from all backgrounds.

The success of Black businesses is not just a matter of economic equity. It is a matter of national economic health and American leadership on the world stage. When Black businesses thrive, they create jobs, stimulate local economies and contribute to the overall growth and prosperity of the nation.

Supporting Black entrepreneurs is a smart investment in our collective future. Diversity is one of the United States’ greatest assets; to remain a global economic powerhouse, America needs business leaders and a workforce that represents the full population and exemplifies the values of free enterprise.

Technology has opened new doors, but without support from within our communities – and smart government policymaking – those doors will remain half-open. Lawmakers must work with our communities and ensure that people of all backgrounds have the tools and support required to succeed in today’s economy.

This means collaborating with our country’s most innovative companies, addressing funding disparities and investing in the resources needed to close the digital divide.

Phil Andrews is president of the Long Island African American Chamber of Commerce and founding president of the African American Small Business Foundation.

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