The Black Dollar-National Black Business Month

August is National Black Business Month, a time to recognize and celebrate the vital role that Black-owned businesses play in the U.S. economy. The month also serves to highlight the unique challenges faced by Black business owners and promote resources for their growth and success. North Carolina Black Alliance would like to recognize all the Black entrepreneurs in our state who accepted the daunting challenge of creating their own income streams and forging new legacies for their families. To the thriving food trucks that started in someone’s kitchen, to the multi-million-dollar conglomerates operated by HBCU graduates, we see you. 

Before we dive into the challenges faced by Black founders, let’s celebrate the triumphs. It’s important to recognize the rich history of Black business and entrepreneurship in North Carolina. Durham is known for its historic Black Wall Street, a thriving business district that flourished during the early 1900s. Landmark Black-owned institutions such as Mechanics and Farmers Bank and Durham Drug Company put Durham and North Carolina on the map as a hub for Black economic prosperity. 

Patterson Avenue in the Innovation Quarter in Winston-Salem was once a thriving Black-owned business district known as Depot Street in the late 19th and early 20th centuries. The area in and around Depot Street became a self-sufficient community with numerous Black-owned businesses, such as movie theaters, real estate offices, doctors, and grocery stores. Clark S. Brown and Sons Funeral Home is still located in the area. 

Before the 1898 Wilmington massacre, Wilmington, North Carolina, was a beacon of Black economic activity and prosperity. Many former slaves used their trade skills to become successful blacksmiths, carpenters, and jewelers. The city was home to the Wilmington Daily Record, one of the earliest Black-owned newspapers, and had three Black-owned banks. 

Moving to modern day, Black owned firms like McFarland Construction and Environmental Service Systems LLC, both in Charlotte, have exceeded multi-million dollar revenues and established themselves as industry leaders in commercial construction and facility maintenance in the Queen City.  From the Piedmont to the coast, Black entrepreneurs are everywhere in our state, operating in all sectors from service industries to emerging technologies. 

According to the NC Department of Commerce, between 2017 and 2022, the number of Black-owned and Hispanic-owned businesses in the state skyrocketed by nearly 65%. In comparison, the growth in White-owned businesses was a more modest 5% over the same period. Simply put, we have the history, hustle, and determination to launch thriving businesses in our state.  But there are challenges Black businesses must face in the days ahead.

Most recently, North Carolina has been named America’s top state for business in 2025, marking the third time in four years the state has earned the top spot. Unfortunately, not everyone participates in the state’s economic prosperity. Black communities in historically underinvested areas, often situated near thriving business districts, face enduring systemic barriers. Black entrepreneurs still struggle to access funds for business growth, encounter challenges in property acquisition, and have limited opportunities in the corporate sector.

Black founders often lack the same access to networks and mentorship opportunities that can facilitate growth. Imagine having a strong ecosystem of other successful black entrepreneurs, strategists, and funders. We would never lose. It is more important than ever that we support black businesses in all sectors to ensure the growth of our economy. Federal budget proposals have included a $291 million cut to the Community Development Financial Institution (CDFI) Fund, a $167 million cut from Entrepreneurial Development Programs, and the elimination of the Minority Business Development Agency (MBDA). North Carolina legislatures have proposed the elimination of the office of Historically Underutilized Businesses in their outlandish attempts to stifle equity in state contracting. 

 Without strategic intervention, wealth gaps in historically disinvested communities will continue to grow. As we acknowledge Black Business Month, let’s also acknowledge that economic empowerment and intervention are key to ensuring that Black businesses benefit from the wealth they help create. As the Black consumer base steadily approaches $2 trillion, it is more important than ever to protect and advance the Black Dollar. 

The statistic that a dollar stays in a Black neighborhood for an average of six hours before circulating elsewhere still hits hard. Black dollars must stay in Black communities. Black entrepreneurs must start businesses that are in demand, scalable, and family-owned. The legacies of Black Wall Street, Depot Street, and the newest Black owned start-up depend upon it. North Carolina Black Alliance is committed to supporting policies and partners that promote entrepreneurship, financial literacy, home and business ownership, and living wages that will support a thriving Black economy.