The Black Business Initiative (BBI) is an economic revitalization organization for the Black community, by the Black community. We are committed to growing a stronger business presence locally and nationally. The BBI works toward this goal by concentrating its efforts in one specific area: Cooperative Economics. We believe creating, growing and supporting healthy businesses will provide economic self-sufficiency and a better future for generations while creating career options and jobs within a community that experiences systemically high unemployment.
To grow Black owned businesses through education, mentorship, investment, community and need, our objectives are to:
- Support the creation or development, mentorship and investment of Black businesses.
- Create a change in values within the Black community that encourages individuals to increase spending inside our communities from 2% to 10% over the next 5 years.
- Create and support programs that increase employment capabilities for small businesses to begin hiring within the Black community over the next 5 years.
Why is this necessary?
Economics is the base of every major facet we work to address to include education, politics, housing, employment and crime. Although we have made great strides over the last decade, our impact still lags compared to every other socioeconomic group in this country. Nationally there are approximately 2 million Black owned businesses. Over 95% of those are Sole Proprietorships/ Single member LLC’s with no employees while we systemically hold an unemployment rate of more than double the national average. The Black dollar leaves our community within 6 hours and recirculates on average less than one time. Our dollar leaves our community faster than any other community in America.
We hold strongly to the belief that successful businesses teach our children the economic skills they are not currently receiving, decrease the unemployment rate, which directly correlates with crime rates; and circulates money within our own community. Together, using the power of cooperative economics, we can also battle areas such as access to housing, and leveraging our collective power politically to advance agendas that are beneficial to our community. These factors alone create a significant decrease in disparity, allowing us to grow one strong community.