Washington DC, 24 August 2022 (TDI): Export Import Agency (EXIM) announced that in recognition of the 3.2 million Black-owned enterprises nationwide, August is Black Business Month.
This has been declared and shared by the EXIM Bank US Twitter account.
August is #BlackBusinessMonth, an opportunity to support the 3.2 million Black-owned businesses across the country! Check out the @EXIMBankUS blog to learn more about #EXIM’s available resources to U.S. Black-owned businesses: https://t.co/f7oYrWateB pic.twitter.com/YPeoVInRkM
— Export-Import Bank (@EximBankUS) August 23, 2022
The Export-Import Bank of the United States (EXIM) recognized August as Black Business Month. It provided trade finance tools to promote the US Black-owned firms as they export their products and services to foreign markets.
Moreover, encouraging support and honor for the achievements of Black-owned firms, John William Templeton, a historian, and Frederick E. Jordan, an engineer and entrepreneur, established Black Business Month in 2004.
EXIM President and Chair, Reta Jo Lewis said, “August is Black Business Month, an opportunity to both recognize and support the Black-owned businesses across the country. Here at the Export-Import Bank of the United States, we want to take a moment to acknowledge the crucial role these businesses play in our economy”.
Black business trend
Black-owned business is a company in which African Americans own at least 51 percent or more of the business.
In all facets of the American economy, there were 134,567 Black-owned employer enterprises or companies with more than one employee. That was an 8% rise from the previous year. Those companies employed 1.3 million workers and nearly $40.5 billion in yearly payroll.
Additionally, about 29.5 percent of these companies were in health care. The social support sector was also their largest industry.
Black businesses and EXIM’s efforts
EXIM has made a number of materials available during Black Business Month. This is to assist American companies in starting or growing their exporting operations.
Furthermore, to help promote EXIM finance and open doors for export-ready US firms owned by minorities, women, veterans, and individuals with disabilities. Also, EXIM’s Minority and Women-Owned Business Division (MWOB) collaborates closely with groups that focus on minority commerce.
Chair Lewis added, “Through the leadership of our Office of Minority and Women-Owned Business, EXIM authorized $361 million for minority and women-owned businesses in 2021 a 10 percent increase from 2020. We also took important steps to lay new foundations for greater outreach, collaborations, and partnerships in the years ahead.”
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