Help Small Businesses - #BuyBlack
But while there are about 2.5 million Black-owned businesses in the U.S., the COVID-19 pandemic contributed to 41 percent of Black-owned businesses closing from Feb. to April 2020.
Thankfully Southern Roots Vegan Bakery was able to survive, but our viral boost came in the wake of the Black Lives Matter movement that gained momentum in the summer of 2020. This led to the #BuyBlack movement. While many of our plans to grow the business came to a halt due the virus, we know we have to keep pounding the pavement to get our products into the hands of a variety of audiences. Going complete vegan may not be easy for many people, but our goal is to give them a taste of how good it can be.
We are thankful to our loyal customers and the ones who have recently discovered us for spreading the word about Southern Roots. This proves to our potential investors or partners our strength in the online vegan market in order to get us to the next level.
Our customers are critical to our success because accessing capital is more challenging for small, minority-owned firms – especially Black-owned businesses. A 2016 Federal Reserve Bank survey of small businesses found that Black business owners apply for funding more often than white-owned firms, about 10 percentage points higher when looking at application rates. Unfortunately the survey said Black firms are approved less and receive less funding.
In spite of these stats, we hope that Black History Month reminds everyone that small Black-owned businesses need your help not just during the shortest month of the year but 365 days of the year.
Please share with your friends and family that once they try our products, they will think this is “so good, you won’t believe it’s vegan.” Follow us on social and tag us at @SouthernRootsBiz.