The Summer of 2020 was a bitter-sweet moment for Black entrepreneurs in the United States. Off the back of the tragic murder of George Floyd by police officers, Derek Chauvin, Tou Thao, Thomas Lane and J. Alexander Kueng, the Black Lives Matter movement was re-energised and the spotlight was cast on Black-owned businesses. Online support and advertisement for BOBs were on an all-time high; apps were developed to help you find the closest BOB to you; entrepreneurs testified to the massive increase in attention (both on and offline) and more importantly, sales. But, as always, the question on many minds was: How long will this buzz last?
As expected, months later, the enthusiasm worldwide appears to have died down. Coupled with the realities of COVID-19 on already-struggling businesses, it’s a difficult time to be a Black business owner in the U.S. and other parts of the West.
In this business report, CNBC explores why Black-owned enterprises – who have historically faced systemic discrimination (and at times, even outright violence) in the business market – continue to lag behind their White counterparts, and why it is consistently difficult for them to succeed.