History
Black businesses and entrepreneurs have been some of the greatest contributors to the innovative, economic and cultural vibrancy of America. However, dating back to the beginning of our country, discriminatory policies and social practices have forced Black businesses to compete on an uneven playing field, which has contributed to the disparities we see today.
Blocked From Capital
Banks wouldn’t provide loans, preventing Black citizens from purchasing homes, starting businesses and building wealth.
Blocked From Assistance
Assistance from government programs were inaccessible to Black businesses.
Limited Customers
Black businesses weren’t as competitive because white customers wouldn’t shop with them.
Disparities
- In HBSE’s primary markets of the Philadelphia and Newark regions, Black-owned businesses average less than a third of the annual sales of White-owned businesses.
- During the COVID-19 recession, 28-percent of Black-owned businesses were in industries with the largest total job losses versus just 20-percent of white-owned businesses.
- BBetween February and April 2020, 41-percent of Black-owned businesses shut down compared to 17-percent of white-owned businesses.
Opportunity
- Despite the challenges they have faced, Black businesses have continued to find ways to succeed and are a crucial pillar of our economy.
- They create jobs and enrich our culture, but many of them have remained relatively hidden gems.
- Imagine how much more they will contribute to our communities, our cities, and our country when more Black businesses have access to the tools that will help them grow and thrive.
Solution
As a first step, HBSE is launching the Buy Black program. This immersive program has been developed to promote and market a select few Black-owned businesses that are located in the communities in which we live, work, play and win.
With access to HBSE’s expansive reach through Philadelphia 76ers and New Jersey Devils channels and exposure to expert marketing consultation and use of marketing assets typically reserved for larger corporate partners, the selected businesses will receive customized marketing plans that will be executed by the 76ers and Devils to grow and sustain the success of their business.
All applicants will automatically be eligible for other Philadelphia 76ers or New Jersey Devils business programs, including support accessing Payroll Protection Program loans, and access to exclusive events that will provide networking opportunities and insights from best-in-class industry executives.
