When it comes to supporting Black-owned businesses, some research is needed to discover which businesses are actually Black-owned.
Luckily, most public companies do not hide who is on their executive board, making the process easy with a little research. Once you have done some research on the businesses you wish to support, there are ways you can go about investing in them. If you have a desire to invest in Black-owned businesses, read on for a few ways to do so:
Take to the Stock Exchange
One of the easiest ways to support any publicly-owned business is to invest in the company on the stock exchange. Here are a few companies that have either a Black president or CEO, or have majority Black ownership that you can invest in:
- Global Blood Therapeutics, Inc.
- RLJ Lodging Trust
- Urban One, Inc.
Invest in Companies That Financially Support Racial Justice
Supporting companies that have donated money to support racial justice can also be an option in the stock market. Several large companies have done so over the past few years, and supporting them can help them continue to do so. Choosing businesses such as these to get behind can help also grow your own money while showing your support for said business.
The Non-Stock Ways to Support Racial Justice
While taking to the stock exchange can be a great way to support Black-owned businesses and businesses that support racial justice, there are other methods available to investors as well, such as investing in startups or real estate crowdfunding.
You can join platforms such as The 10K Project, a community of everyday investors who actively fund Black-owned businesses.
You can invest in Buy the Block, another crowdfunding platform, for a minimum of $100. Many of the projects listed on Buy the Block are in historic Black neighborhoods or benefit a local community.
No matter what way you decide to invest, make certain you do your research. With investing in startups and real estate crowdfunding there is the risk of losing your entire investment, so it’s best to be careful.
Rethink Your Bank
Why not consider a Black-owned bank, especially if your current bank doesn’t meet all of your banking needs? Not only are you supporting a Black-owned company by using such a bank, but you can also ask them about any initiatives they have for the African American community to further your support.
Larger banks that are not Black-owned might also have community-focused initiatives as well, and it never hurts to ask, especially if you want to support such initiatives.
There are so many ways that you can support Black-owned businesses. Research the business you want to support, and think about how best you can support them, be it through purchasing stocks in the company or taking part in the company’s initiatives.