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Why Black Business Development Is Important for the Economy: Memphis Black Restaurant Week and Women’s History Month

The economic development of the Black community is essential to the economic growth and stability of any city, including Memphis. That's because both in Memphis and across the country, economic disparities between the white, Black, and MWBE communities are well documented, yet there still continue to be gaps in economic wealth and opportunity among minority groups.

Part of the way we can support the Memphis economy, along with Black business development, is by supporting local Black- and women-owned businesses and restaurants. This month, we can celebrate both Memphis Black Restaurant Week and Women’s History Month. These heritage months provide us with an excellent opportunity to show our support for the Black and women-owned businesses that power Memphis' economy.

At the Black Business Association of Memphis (BBA), we are proud to create economic opportunities within our local economy. Black business development can have a tremendous impact on the Memphis community, which is why we remain committed to providing leadership development and growth opportunities through programs like Memphis ReStart Initiative. Join the BBA, become part of our Black wealth initiative, and this month, grab a meal at a local Black-owned restaurant or shop at a women-owned business.

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Celebrate Women’s History Month

Women's History Month is a time to recognize the accomplishments of women and Black women in particular. Women are essential to the economic growth of Memphis, and Black women entrepreneurs have been key players in helping drive economic success. This month, let's recognize the power of Black women-owned businesses and their impact on our local economy, including Chief Event Strategist and vision behind Memphis Black Restaurant Week: Cynthia Daniels.

black-owned restaurant

Eat Local This Memphis Black Restaurant Week

Since the first inaugural event in 2016, Memphis Black Restaurant Week has spotlighted 108 restaurants, generated $2,500,000 in revenue, and created over 300 jobs. Through this event, we can spotlight Black-owned restaurants and the entrepreneurs who are helping to fuel Memphis’ economy, taking another step towards promoting Black business development within our community.

This month, show your support for these amazing local restaurants:

Slim & Husky - https://slimandhuskys.com/location/634-union-ave-memphis/

black business woman

Black Business Development Contributes To Growth and Dynamism

The economic development of Black businesses can lead to economic growth and dynamism in Memphis. That's because businesses owned by Black entrepreneurs create jobs, increase spending power within the community, stimulate economic activity, and attract capital investments from outside sources.

By investing in Black economic development and providing access to capital, counseling, advocacy, and leadership development opportunities for Black businesses and entrepreneurs, we are helping foster an environment where economic growth can continue.

black and white businessmen

Black Business Development Bridges Racial Gaps in Business Ownership and Opportunity

The economic disparities between black and white communities in Memphis are well documented. In fact, Memphis is the second poorest metropolitan area with a 26 percent poverty rate for Black Memphians. So it's not surprising that Black business owners and employees remain largely underrepresented in economic opportunity, having negative impacts on economic growth and stability.

By investing in the economic development of the Black community, we are breaking down barriers that prevent equitable economic opportunities for everyone and bridging the gap between Black and white communities. This economic investment helps create economic equity and economic stability in our city, allowing more Black Memphians to become business owners and gain access to other economic opportunities.

black business professional

Financial Capital Works as a Reparative Bridge to Black Wealth

When it comes to reparative justice, the economic development of Black businesses is a key component. This focus on Black economic development helps to create economic opportunities and economic stability for the Black community, providing important access to financial capital as well. This economic investment can help bridge the gap between Black and white communities regarding wealth-building initiatives like asset management and business ownership. In turn, this provides economic opportunities for the Black community that they would not have access to otherwise, while also strengthening the local economy by creating jobs, economic activity, and spending power within the community.

economic growth

Black Entrepreneurs Make Contributions to Economic Growth

The economic development of Black communities is essential to economic growth and stability in Memphis. Black entrepreneurs are major contributors to economic growth, creating jobs, stimulating economic activity, and increasing spending power within their respective communities. The BBA’s Memphis ReStart Initiative provides a unique opportunity for aspiring entrepreneurs, seasoned business professionals, small business owners, and qualified employees to build a network where knowledge, connections, and wealth can be shared.

black business owner

Using Memphis ReStart Initiative as a Solution

Through our Memphis ReStart Initiative, we are focused on providing Black business owners with the tools and resources they need. By investing in the economic development of the Black community, we are breaking down barriers that have historically prevented economic opportunity and economic mobility. Memphis ReStart Initiative offers leadership development, economic counseling, access to capital, and other resources to support aspiring entrepreneurs, seasoned business professionals, small business owners, executive-level candidates, and more. On top of that, our initiative is creating a network that can connect businesses looking to diversify their hiring pool with qualified candidates. By providing leadership development opportunities, financial counseling, and advocacy for Black businesses and entrepreneurs, we are helping foster an environment where economic growth can continue.

black business woman

Join the BBA and Become Part of Our Black Wealth Initiative

By investing in Black economic development through Black wealth initiatives like Memphis ReStart Initiative and by supporting Black- and women-owned businesses, we are able to create wealth and economic opportunities in the Black community that would not be available otherwise. This economic investment also helps to strengthen the local economy by creating jobs, stimulating economic activity, and increasing spending power within the community.

Initiatives like Memphis Black Restaurant Week and Memphis ReStart Initiative are only part of our effort to bridge economic divides and foster economic growth through access to resources, counseling, advocacy, leadership development, and more. The BBA is proud to be part of this economic revolution in the City of Memphis. Join the BBA today and become part of supporting Black wealth in Memphis.

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