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Take Action for Racial Equity by Doing Business With Black-Owned B Corps

This article was republished August 7, 2024.

Black-owned businesses face systemic barriers and cultural challenges that continue to exacerbate the racial wealth gap and hinder progress toward a more inclusive economy. 

There are signs of progress and pathways to change. The number of Black-owned businesses in the U.S. has grown in recent years, according to the Census Bureau, from about 124,000 firms in 2017 to more than 161,000 in 2021. Even with that growth, Black-owned businesses made up about 3% of all U.S. companies while Black people made up about 14% of the U.S. population. And Black-owned businesses are primarily small: More than two-thirds have fewer than 10 workers.

For current and aspiring Black business owners, financing continues to present large hurdles. A May 2024 report from the Alliance for Entrepreneurial Equity notes that Black-owned businesses are three times more likely to be labeled a higher credit risk than their white counterparts. They also receive less than 1% of all venture capital investment in the United States.

An Appeals Court ruling in 2024 that suspended a venture capital firm’s grant programs for Black women business owners presents new funding obstacles. The ruling may have broader implications for race-based financing and programs that aim to increase justice, equity, diversity, and inclusion.  

Racial equity is one of three pillars in B Lab U.S. & Canada’s Theory of Change, which seeks to reshape a system that does not meet the needs of most. This includes initiatives with Certified B Corporations and partners in the U.S. and Canada that aim to scale business practices and public policies that help create a just economy for all. 

Explore additional B Lab U.S. & Canada Racial Equity resources, articles, and programs:

• Resources for Black, Indigenous, and Other People of Color
• Level program for women of color entrepreneurs 
• B Corp BIPOC Network
• Racial Equity Impact Improvement Program 
• B The Change articles on racial equity, JEDI, and related topics

During Black Business Month in August, B Lab U.S. & Canada encourages the B Corp community to take action for racial equity. One way to do this is to support Black-owned B Corps. 

The directory below is an opt-in list that highlights Black-owned B Corps in the U.S. and Canada. (Black-owned B Corps can complete this form to be added.) The directory on B Lab’s website can also be used to find Black-owned B Corps around the world.