Investing in black businesses helps grow the Central Texas economy

Over the past few years, Black entrepreneurs in Central Texas have demonstrated resilience as they’ve launched and managed their businesses during one of the most challenging economies in recent memory.

Amidst economic and pandemic-related challenges, Black business owners have thrived and are giving back to their community—according to research from Bank of America, 40% of Black business owners reported they give back to their local communities by supporting social causes. 

August celebrates Black Business Month, which gives consumers a moment to recognize and renew the role they play in supporting Black-owned businesses. While there has been growth in Black business ownership in recent years, Black entrepreneurs still face challenges that can hinder their success. 

As a member of the community, there are many things you can do to support local Black-owned businesses. Below are three tips to get you started:

1. Make it a priority to shop at Black-owned small businesses

   The best and easiest way you can support local Black-owned businesses is with your dollars. Every small business owner relies on a steady stream of customers to make ends meet, innovate and grow, which ultimately fuels the economy as a whole. Familiarize yourself with Black-owned businesses in the greater Austin area and reinvest in your community when you shop.

2. Use your networks to amplify Black-owned businesses

   Promoting a business you like can be just as important as patronizing it—there’s nothing better than a referral from a satisfied customer. Help businesses in your community attract new customers by promoting news and announcements and sharing positive experiences through social media and word of mouth. 

3. Share reviews online and on social media platforms

   Help promote Black-owned business that provide excellent service or products by publishing and sharing positive online reviews.

Whether you make a commitment to buy from Black-owned businesses during the month of August, once a week or more, it’s important to remember you’re helping to contribute to community wealth creation and development for these business owners and across the broader business landscape. When you support and invest in Black-owner small businesses, you are investing in the growth of the Central Texas economy.

Find Black-owned small businesses in Austin that you can support here: https://www.austinbcc.org/local-businesses

In Austin, one way Bank of America supports Black business owners is by investing in accelerator programs such as DivInc’s accelerator program and PeopleFund’s BIPOC Accelerator. By supporting these local organization’s work to generate social and economic equity through entrepreneurship, Bank of America addresses the lack of access to capital for Black founders by providing funding to support their emerging companies. By showing up for our communities and giving Black entrepreneurs the opportunity to grow and succeed, we can help build generational wealth.

Kathy Burrell is the senior relationship manager of business banking at Bank of America.