Senate Commerce Committee Statement to Senate Joint Resolution No. 91, New Jersey, May 13, 2024

Summary

The New Jersey Senate Commerce Committee statement dated May 13, 2024 reports Senate Joint Resolution No. 91 favorably. The joint resolution designates August of each year as "Black Business Month" in support of Black-owned businesses in the State. Citing a federal Bureau, the statement says Black-owned businesses account for 10 percent of all businesses in the United States, or roughly 2 million companies. It says 41 percent of Black-owned businesses closed during the COVID-19 pandemic, compared to 17 percent of white-owned businesses. It says the observance was established nationally in August 2004 by historian John William Templeton and engineer Frederick E. Jordan Sr.

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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.

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