Committee Statement on Senate Joint Resolution 91 — Senate Commerce Committee (May 13, 2024)

Summary

Senate Commerce Committee statement to Senate Joint Resolution No. 91, State of New Jersey, dated May 13, 2024. The committee reports favorably Senate Joint Resolution No. 91, which designates the month of August of each year as “Black Business Month” in support of Black-owned businesses in the State of New Jersey. The statement says Black-owned businesses were disproportionately impaired by the COVID-19 pandemic and that more than half of all Black business owners are female. It says the observance gives government officials, community leaders, and business leaders an opportunity to focus on ways to support Black business owners.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

 SENATE JOINT RESOLUTION No. 91

 STATE OF NEW JERSEY
                      DATED: MAY 13, 2024

    The Senate Commerce Committee reports favorably Senate Joint
Resolution No. 91.
    This joint resolution designates the month of August of each year
as “Black Business Month” in support of Black-owned businesses in
the State of New Jersey.
    Black-owned businesses are an essential part of New Jersey’s
economy. According to the U.S. Census Bureau, Black-owned
businesses account for 10 percent of all businesses in the United
States, or roughly 2 million companies. More than half of all Black
business owners are female, a higher percentage than any other
demographic. Over the past several years, the number of Black-owned
businesses has been growing at a higher rate than overall business
growth in the United States. Despite rapid growth, the percentage of
businesses owned by Black Americans is still substantially lower than
the percentage of Black Americans in the population of the United
States. An increase in the proportion of Black-owned businesses would
promote greater economic freedom for Black Americans and be
beneficial to both the Black community and the overall economy.
    Black-owned businesses have been disproportionately impaired by
the COVID-19 pandemic, with 41 percent of Black-owned businesses
closing during the pandemic compared to 17 percent of white-owned
businesses and roughly one third of all small businesses. These
business closures have exacerbated the economic disadvantages faced
by Black Americans every day. Economic issues are interrelated, and
by offering support to Black business owners, New Jersey can work
toward improving issues of unemployment, wealth accumulation, and
home ownership for Black residents.
    “Black Business Month” was established nationally in August
2004 by historian John William Templeton and engineer Frederick E.
Jordan Sr. The objective of Mr. Templeton and Mr. Jordan was to
influence the policy agenda affecting Black-owned businesses, to
support Black-owned organizations, and to promote greater economic
freedom for the Black community. The observance of “Black
Business Month” each year provides an opportunity for government
officials, community leaders, and business leaders to focus on ways to
support Black business owners and help Black-owned businesses
thrive.


File and source

File

2024-05-13_SCM_SJR91_S1.pdf

Size

114,299 bytes

SHA-256

0f9ecc845e60874452f83abf0d78d6a42b8b7f01094ec656aaf07f5b4db9ea09

Our copy

2024-05-13_SCM_SJR91_S1.pdf

Original

No public link identified.