Why?
- This focus can help stabilize a community and create more opportunities for meaningful savings, property ownership, credit building, and generational wealth.
- It fosters job creation.
- Black business owners are still 20% less likely than white-owned businesses to find funding for their business from traditional funders. We don’t know about you, but we think it is very difficult to start and/or grow a business without financial backing. This also makes it difficult to develop strong relationships with financial institutions. This can create further problems down the road, a notable example being when the first rollouts of PPP loans and other assistance programs were put into action. These loans were primarily administered by banks and credit unions, who you might not have a relationship with if you don’t use traditional funding methods.
- The Covid-19 pandemic disproportionately affected Black along with other minority business owners and they are still trying to recover. Inflation and a looming recession definitely haven’t helped the climb back to stability and prosperity.
- And so much more.
So what are the best ways to get involved?
With Your Dollars
Shop at Black-owned businesses. Restaurants, hair salons & barber shops, clothing stores, gifts — Utah has it all if you know where to look! Two of our favorite directories of local Black-owned businesses throughout the state are:
- Utah Black Pages – Hosted by the Utah Black Chamber.
- Black Owned 801 – An Instagram dedicated to highlighting Utah businesses.
And when you do patronize a business, make sure to leave reviews! Google, Facebook, Yelp, etc.– whatever platforms are most beneficial to that industry. Want extra points? Copy and paste your review to your social media accounts.
With Your Network
Even if you’re not able to monetarily support Black owned businesses to the extent you would like, spreading the word is just as important! Building awareness is something you can’t put a price on.
- Post on Instagram, TikTok, and Facebook to share content encouraging others to shop from Black-owned businesses.
- Share events that are either hosted by or celebrating Black owners. Living Color Gala, Black Business Expo, food truck events, etc.
With Your Connections
Utah has some pretty amazing resources for small business owners, but people don’t always know about them.
- Utah Black Chamber – Chapters in SLC, Utah County, Northern Utah, and Southern Utah.
- Black Success Center – An economic development hub for Utah’s Black community.
- Their first event will be held Thursday, Sept 22nd, Shaking the Money Tree. This event is purposed to provide training classes and one-to-one mentoring with small businesses in regards to finding and obtaining capital for their business.
- New Pattern Grant – Grant & mentorship program for Black, Women-led businesses in Utah.
- Small Business Development Centers – Free counseling & mentoring.
Our mission is to help small business owners across the state of Utah access funding and training, with a focus on the underserved. Our microloan program is available to business owners wanting to get their idea started or to grow their existing business. In addition, the UMLF provides virtual classes as well as a digital class library for small business owners. These are free and open to the community. Learn more here: UMLF Classes
Use the hashtag #utahblackbusiness to tag your excursions and make a habit of celebrating Black businesses this month and every month. ❤️