According to the Bureau of Economic Analysis (BEA, 2020) of the U.S. Department of Commerce, between 2012-2016, businesses categorized as very small, small, and medium small (businesses with 0-99 employees) comprised about 30% of wages and 35% of employment in the U.S. economy. At the same time, small businesses generate 44% of U.S. economic activity (Office Of Advocacy, 2019). These statistics highlight how important small businesses are to the U.S. economy. Here are some ways to consciously support the small business entrepreneurs in our communities!
Buy gift cards from small businesses
Share your favorite businesses on social media
Start or support a local business network
Hire small businesses as your vendors and suppliers
Reach out and ask what they need
Leave positive reviews
Offer your expertise as discounted or pro bono services
Special COVID – 19 Considerations:
- Many small businesses are suffering revenue losses. Pay full price if possible!
- Continue to pay your cleaning people, hair stylist, nanny, etc. if you are able
- Check to see which of your services/providers are now being provided online (e.g. therapists, coaches, etc.)
- Tip service workers extra
- Keep paying memberships and subscriptions if you are able
- Just help with a donation
- Support crowdfunding initiatives
Supporting Minority and POC Owned Small Businesses
According to Forbes, nearly half of Black small businesses had closed by the end of April, 2020 as the pandemic devastated minority communities disproportionately. “Black businesses experienced the most acute decline, with a 41% drop. Latinx business owners fell by 32% and Asian business owners dropped by 26%.” Here are some ways how you can help minority owned businesses!
Black-owned Businesses: Technology can be a useful tool to find channels and ways you can help Black-owned businesses. The following apps and websites might be a good starting point:
- Black Nation
- Shop Black Owned
- Chez Nous Guide
- Official Black Wall Street
- Black-Owned Brooklyn
- WhereU Came From
- I Am Black Business
- Support Black Owned
Latinx-owned Businesses: You can use the following platforms to help find Latinx small businesses to support.
Asian-owned Businesses: Right now, Asian-American businesses are dealing with two viruses, racism and COVID-19. Here is how you can help.
- Food donations and volunteering in local Asian-owned businesses zones
- Support for in-language aid information for small business-owners
- Participate in anti-racist global campaigns
- Use platforms and your local networks to find Asian-owned small businesses to support! Here are some curated lists and platforms supporting Asian owned business:
Indigenous-owned Businesses: Use the following resources to find native and indigenous owned businesses to support!
Supporting Womenx Owned Businesses
Women owned business face consistent challenges, especially when it comes to funding. Here are some platforms that might help you find women-owned businesses to support: