Black-owned businesses are shutting their doors two times the rate of small businesses since the start of the COVID-19 pandemic in the United States. According to the Federal Reserve Bank of New York, an estimated 41% of Black-owned businesses were forced to shut down between February and April,compared to about 17% of white businesses during the same period. Now, Facebook plans to step in and help change that.
The company has just announced its new Holiday Hub “Season of Support” initiative to provide a boost in small minority owned businesses for the last quarter of the year, putting special attention towards Black-owned businesses. They’ll be providing free resources, education and training to help business owners make the most of the upcoming holiday season.The Holiday Hub will launch on October 12.
The new launch also includes a #BuyBlack Friday initiative starting on October 30 until November 27, which will focus on promoting Black-owned brands during the traditional Black Friday retail event. It’s an opportunity for consumers to support the businesses that need the most encouragement and assistance.
“This year has delivered endless challenges for small businesses, and the data shows Black businesses are affected more than most,” Maxine Williams, Facebook Chief Diversity Officer, said in a statement provided to BET.com. “Let’s all do what we can during the Season of Support launched by Facebook and beyond. It’s time to stand up and help Black businesses.”
Facebook says it will be adding features to the social media platform encouraging people to create posts supporting Black-owned businesses, while also promoting events and offerings to the consumers and businesses.
Read more about #BuyBlack Friday here.