THE CAUSE: Highlighting the racial wealth with a focus on business ownership during Black Business Month via Mortar Cincinnati who aim to create diverse communities by enabling historically marginalized entrepreneurs to access the resources needed to start & run successful businesses.
THE CHALLENGE: For every 13 miles of activity tracked between 8/16/23 and 8/30/23, we will donate $5 to Mortar Cincinnati. This challenge ends at 11:59 PM EST on 8/30/23. Submissions will be accepted until 9/1/2023 at 11:59 PM EST.
THE WHY: The racial wealth gap between Black and white Americans is an enduring disparity in accumulated financial assets and resources. Rooted in historical inequities like slavery, segregation, and discriminatory policies, it persists despite advancements in civil rights. On average, White households possess significantly greater wealth than Black households. According to the Economic Policy Institute, a typical Black worker last year made 13% less than a typical white worker who was the same age and gender, had the same amount of education and lived in the same region (Lurye, 2022). Not only do Black Americans receive significantly less money on average than similar white Americans. Research also shows that white-owned startups have an average of $18,500 in outside equity at the founding, compared to just $500 for Black-owned startups (Goldschein, 2021).
The racial wealth gap has far-reaching implications, impacting economic mobility, educational opportunities, health outcomes, and overall well-being. National Black Business Month is an observance held every August in the United States to celebrate, support, and promote Black-owned businesses and entrepreneurship. The initiative aims to raise awareness about the importance of Black economic empowerment, highlight the achievements and contributions of Black entrepreneurs, and encourage consumers to actively patronize and invest in Black-owned businesses. National Black Business Month serves as an opportunity to drive economic growth, create jobs, and foster community development within Black communities. Let’s show your support for narrowing the wealth gap by joining this challenge. Give back and bring awareness to this issue to promote the change needed to make a difference in society.
Fairlie, R. W. (2022, August 16). The impacts of COVID-19 on racial disparities in small business earnings. https://advocacy.sba.gov/wp-content/uploads/2022/08/Report_COVID-and-Racial-Disparities_508c.pdf
Goldschein, E. (2021, January 8). Racial funding gap shows Black business owners are shut out from accessing capital. https://www.nerdwallet.com/article/small-business/racial-funding-gap
Lurye, S. (2022, April 13). Why the rate of Black business ownership is going up. US News. https://www.usnews.com/news/national-news/articles/2022-04-13/why-the-rate-of-black-business-ownership-is-going-up
National Equity Atlas. (2023). Business ownership: Race and gender should not be a barrier to owning a business. https://nationalequityatlas.org/indicators/Business-ownership