6 Ways to Offer Allyship to Black EntrepreneursBlack entrepreneurs still struggle to find funding and feel embraced by the general entrepreneur community. In honor of Black National Business Month, here are six ways you can offer allyship to Black entrepreneurs this month and beyond.

The number of Black entrepreneurs is rising in the business world. The latest numbers estimate there are3,115,000 Black-owned businessesin the United States alone, andthe number is steadily growing. But despite their increasing presence and impact in the business world,Black entrepreneursstill struggle with finding funding, making the right professional connections for growth and feeling embraced by the general entrepreneur community.

August is Black National Business Month which means there's no better time than now to embrace the growth and expansion of Black entrepreneurship in your community. Here are six practical and meaningful ways tosupport Black entrepreneursthis month and beyond.

1. Do business with Black entrepreneurs

Actions speak louder than words when it comes to supporting Black entrepreneurs. Saying that you support Black-owned businesses is one thing, butactuallyputting down themoney to partner with them, buy their goods or services and do business with them is another level of allyship.

The idea is to identify what your business needs (e.g., business cards from a printer, a diversity, equity and inclusion (DEI) consultant, a construction company for renovations, etc.), and see if there is a Black-owned provider in your area who would be a good fit.

A significant challenge new Black entrepreneurs face is getting the business they need early in their growth stage to sustain themselves and eventually scale. Offering topartner with a Black entrepreneuris a great way to support them in their most critical stage of growth.

Related:6 Ways You Can Support Black Businesses Long-Term

2. Connect Black entrepreneurs with your network

Ifyouaren't looking for a particular service or product that a Black-owned business provides, do you know someone who is? Make meaningful connections and invite Black entrepreneurs into your inner circle to help boost their business and expand their professional network.

Making referrals and meaningful connections is a tried and true way to grow a business. One survey found that65% of companies' new business comes from referrals.The same can be true for a budding Black entrepreneur. Receiving recognition and referrals from others can support their growth in powerful ways.

Refer a Black entrepreneur's work to colleagues, partners and connections that may be interested.

3. Share their work on social media

For those businesses that don't have a direct relationship with a Black entrepreneur, one easy way to support them is to share their work on social media.

This can be done in countless ways: lifting them up in a LinkedIn post, sharing their business page on an Instagram story or tagging their business on Facebook.

With more than850 millionpeople on Linkedin, roughly1 billionactive users on Instagram, and2.93 billionactive monthly users on Facebook, evenonepost or mention can go a long way toward increasing the visibility of a Black entrepreneur's ideas and offerings.

The end result could lead togreater recognition of their workand increased opportunities. Most importantly, sharing on social media costs your business nothing. In fact, it might even raiseyourprofile — and that's a budget line item your CFO would approve.

4. Invite them onto your podcast

Many Black entrepreneurs have something valuable to offer that the world might not know about. Having the opportunity to engage in a podcast or online interview can bring visibility and a voice to their work.

With more thanone in four Americansbeing active listeners of podcasts in the United States as of 2020, evenone episode featuring a Black entrepreneur can help them get in front of audiences that they otherwise wouldn't have access to.

Whether your podcast has a high listener count or not, inviting a Black entrepreneur to share their story, connect with your audience and gain visibility is a priceless way to support their growth.

5. Fund their ideas

Some Black entrepreneurs can have a great business model butlimited resources. The struggle to get the funding they need to sustain themselves, and their businesses is a real threat to their success.

Unfortunately, only1% of Black-owned businessesget the loans they apply for. There are several reasons why this could be the case.

For decades, financial institutions have practiced unfairlending discriminationthat has impacted the ability of Black entrepreneurs to secure loans. To this day, Black entrepreneurs still face a plethora of funding challenges stemming from the unjust practices of the past. A lack of diversity and unconscious biases at companies contributes to theracial funding gap.

If your business is connected to angel investors or organizations that offer funding, consider connecting them with a Black entrepreneur in your community. Removing the funding barriers for Black-owned companies can help new solutions, products and services to reach the market.

Related:The Challenges in Getting Funding for Women and Minority-Owned Businesses, And How to Solve Them

5. Offer mentorship

One of the most overlooked ways of supporting any entrepreneur is throughmentorship. One report showed that92% of small businessowners said mentorship had an impact on the growth and survival of their business, yet less than40% of Black entrepreneursin one study said they had access to a mentor.

Mentorship is a symbolic passing on of knowledge that can help an entrepreneur reach greater heights in their business, avoid mistakes and create a vision for growth. Without mentorship, some Black entrepreneurs are left struggling unnecessarily.

If you are inspired by a Black entrepreneur and find there's a connection between you, your business and theirs, consider offering to mentor them. Generously sharing your knowledge and experience to support a Black entrepreneur on their success journey can make a world of difference.

Related:Managing a Black Woman? Here's How to Become Her Success Partner and Ally

Resources for minority-owned businesses

If you are a Black entrepreneur seeking more resources to grow and develop your businesses, consider the following list of resources.

• Connect with theMinority Business Development Agencyand join their annual conferences connecting minority entrepreneurs to resources and networking opportunities.
• For Black women entrepreneurs, theEnterprising Women of Color Initiativehas programs and seminars that highlight the thought leadership of women of color.
• Black Foundersis another great resource offering programs and conferences supporting Black entrepreneurs in the tech industry.
• For Black entrepreneurs who offer products or services, OfficialBlack Wall StreetandBlack Owned Everythinghave directories and online storefronts that showcase Black-owned products and help them reach the masses.

All of these resources and many others are available to help Black entrepreneurs find community, build connections and develop the skills to grow and maintain their businesses.

Final thoughts

黑人企业家正雷竞技手机版在上升的方式我们还没t seen before. More people are innovating in the fields of technology, fashion, music, art, beauty and others. Investing in, supporting and lifting up Black entrepreneurs is a powerful way to offer allyship and support.

By using your business to support Black entrepreneurs and spotlight them within your sphere of influence, you're embracing diversity, equity & inclusion (DEI) and using your resources to boost an entrepreneur who may be on the verge of greatness. Whether you're sharing their work on social media or becoming their mentor, there are endless ways to support the success of Black entrepreneurs today and beyond.