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The Black Hair Industry has faced challenges in obtaining funding.Over the last 25 year due to the dominance of Non-Black Owned beauty supply stores and their non-traditional banking practices. As a result, there is a lack of history and understanding of the value of the black hair industry, which can lead to redlining by traditional banks. It’s important to find alternative ways to receive funding and support for black hair businesses, as they are a valuable resource for the black community and have not received the same treatment as Non-Black Owned businesses. 99% of consumers who purchase products from Non-Black Owned beauty supply stores are black, highlighting the importance of supporting black-owned businesses in this industry.
What Can We Do?
We can partnering with black banks and organizations can provide immediate support for black hair businesses. Grassroots funding using the support of the black community is also a great way to raise awareness and visibility for these stores. To create even more cohesion and unity among black consumers, we could utilize a distinct logo, such as The Black Lady In The Circle, to identify black-owned beauty supply stores. This would help increase their visibility and make it easier for the Black Consumer to consciously support black businesses within our community.Learn more visit our website www.bobsa.org See the cities where the black-owned banks are located, along with their contact information and web addresses:
“CONNECTING THE BLACK DOTS”
BOBSA
Sam Ennon
sam@bobsa.org
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