Supporting Black-Owned Businesses: A Path to Economic Equity and Growth

In recognition of Black History Month, we take time to celebrate the achievements and contributions of Black individuals and organizations throughout history. During February, Frederick County Workforce Services recognizes local Black-owned businesses and the importance of their contributions to the economy and workforce. 

According to the Economic Census, 5.9% of firms in Frederick County are Black owned. These businesses play a vital role for the community: creating jobs, fostering innovation, and contributing to the economic growth, particularly in underserved areas. By choosing to shop, invest, and collaborate with Black-owned businesses, we contribute to promoting economic equity, closing the wealth gaps, creating mentors to empower the next generation of entrepreneurs, and appreciating cultural differences that contribute to a vibrant community. 

As with all businesses, supporting Black-owned businesses help to counter and address challenges faced by Black-owned businesses: 

  • Black-owned businesses make up 2.3% of U.S. employer firms, despite Black individuals representing over 13% of the population. 

  • The median wealth of Black business owners is 12 times higher than that of Black non-business owners, highlighting the potential for entrepreneurship to reduce wealth inequality. 

  • If revenue disparities were closed and Black-owned businesses achieved parity with their white-owned counterparts, it could add $290 billion annually to the U.S. economy (McKinsey & Co.). 

You’re invited to check out and support Black-owned businesses in Frederick County; here’s a small sample: 

Join us in supporting Frederick County businesses with emphasis on Black-owned businesses during Black History Month!

Jessica Mills