For Black Americans, it has long been a struggle to be treated fairly. Black people have a history of being discriminated against in the US and still, today face a number of hardships. So, when America suffers a hardship, Black people take on the brunt of that suffering.
For Black businesses, it’s the same thing. Black businesses have historically been denied access to capital that would have allowed them to compete with other, better-funded businesses. Without access to adequate funding resources, Black businesses cannot scale, find, or hire good talent, or pursue opportunities for long-term growth.
The pandemic of 2020 hit Black-owned businesses hard. Over 40 percent of those businesses closed their doors because they were unable to keep them open due to a lack of funding and access to capital. The pandemic exposed a much larger problem for many Black business owners and that was identifying how to implement a national support structure to help sustain Black businesses.
Busby is no stranger to the entrepreneurial journey and brings a level of thought leadership many do not have given his tenure as a C-Suite executive in corporate America as well. His interest in business grew from a young age when he worked alongside his father in his family’s business. As fate would have it, Ron, the son of a business owner, would eventually turn his father’s janitorial service into a thriving multi-million dollar corporation with an annualized revenue of over $15 million dollars.
Ron has worked for Fortune 100 companies and now sits on several national boards around the country. He was once the co-chair of the Council on Underserved Communities (CUC), which provides input and advice to the Small Business Administration (SBA) during the Obama Administration. Today Busby continues to partner with the SBA during the Biden administration, having been an instrumental part of key programs like the Community Navigator Program and USBC’s recently launched Greenwood Women’s Business Center, located in the historic Black Wallstreet in Tulsa, Oklahoma.
It was in Tulsa, Oklahoma where President Biden made a significant visit last Juneteenth and unveiled his plan to expand the share of federal contracts awarded to small minority-owned businesses twofold by 2026, or by an additional $100 billion over the next five years. Busby notes that today, Black businesses have only received 1.67% of the government spending. Recent reports on federal government spending show that of all the minority-business contracts awarded, Black businesses received the least amount of contracting, while women (white women) received the highest amount of contracting at close to 70%.
Busby knows that this number needs to change, stating “If we could increase the federal spend to just 4 percent next year, that will increase the current $9.6 billion to over billion being spent with Black businesses. That’s real economic growth and creation of Black wealth.” says Busby.
The goal, going forward, would be to have Black businesses receive over 13 percent of any federal funds that are allocated for minority-owned businesses. That percentage would allow for real growth, and it would have a real impact at the national level on the Black businesses contracting with the federal government.
Ron acknowledges that there is still work to be done and that we must continue to remove barriers that are placed in front of Black businesses of all sizes. Some of the excuses given when firms are awarding contracts are that they cannot find Black businesses to work with, or that the ones they can find are not large enough to be able to accept government contracts.
Which, USBC has created its ByBlack platform and national certification solution to eliminate and address these complaints. Black businesses that are 51% Black-owned can visit www.ByBlack.us to register their business in the ByBlack directory and to get the ByBlack Certification.
“We have the businesses to attract and win any contract that is presented to us. The Black Chamber does an excellent job by showcasing businesses that can not only win the big contract, but they can perform at a high level too,” Busby said.
The ByBlack business certification is currently recognized by major brands and corporations like American Express, Meta, Molson Coors, PGA, US Bank, Anheuser-Busch Foundation, Verizon, Microsoft, Uber, and many more.
“One of the major problems Black businesses face is the certification process. If you want to do business across state lines, you must register in every state,” Busby explained. “That’s a problem. It costs money, time, and effort to do that. With ByBlack.us, once you register, you can compete anywhere in the US.”
The ByBlack certification is automated with multiple tech integrations, making the process seamless for end-users. If Black business owners have the necessary paperwork, their businesses can get certified in about thirty days. The speed of completion gives Black businesses the opportunity to move quickly when looking for new opportunities.
With over 300,000 members and 200 Black chambers across the country, USBC organization has become one of the most powerful global voices for Black chambers and businesses.
The USBC was founded on five pillars (advocacy, access to capital, contracting, entrepreneur training, and chamber development), today Busby focuses on intentionality and transparency when speaking about the goals of the Chamber.
“We focus on intentionality and transparency. I want to reconstruct the term ‘minority’ in business. I want to empower terms like “Black”, “Asian” or “Hispanic” from now on. That way, we can be intentional about making sure Black businesses are getting the appropriate number of contracts and access to the capital they deserve.”
Busby notes some of the other issues facing Black businesses today. Ten percent of the businesses that make it on the Black Enterprise 100 list do not repeat next year. Ten percent do not return due to a lack of transferable knowledge of the business or because there is no heir to pass the business down to.
Busby would like to see Black businesses hire more young people. “Young people are our future. My advice to any successful business is to hire young people and teach them about the processes used to stay in business.”
“We must reach back and pull the next generation along with us if we are committed to sustaining Black wealth. Anyone who has had an established business should be looking for young talent to bring on board. We need to make sure we support young entrepreneurs, students, and even new business owners so they can take the baton and keep the legacy going.”
That advice goes both ways. Busby knows that young Black professionals are looking for opportunities as well. They also need to take advantage of any opportunities they can get to learn from established companies.
“I tell young people all the time, “Go and volunteer at a company where you can learn from the best, gain the knowledge you need to do your own business,’” Busby said. “That way you’re learning from the best and getting the valuable information you’ll need to maintain your success.”
The U.S. Black Chambers, Inc. is holding one of its four annual conventions in Washington, DC October 19-21 at MGM National Harbor. The ByBlack Conference is an annual conference hosted in partnership between the U.S. Black Chambers, Inc., and the National Association of Black Owned Broadcasters (NABOB). This annual event draws hundreds of Black entrepreneurs, broadcasters, business professionals, and thought leaders.
The mission of ByBlack is to create meaningful economic opportunities to increase spending and strengthen corporate supply chains in a conversation of diversity, equity, and inclusion. ●
Link to ByBlack.us
USBC Five Pillars link to that
As Black Americas CEO, Ron Busby and the U.S. Black Chambers, Inc. hope to continue to advocate for Black businesses, develop Black chamber leaders and provide access to capital for businesses of all sizes. Busby knows to do that, Black leaders will have to continue to provide resources, tools, funding, and opportunities for the Black community and USBC is here to do just that. To register for the ByBlack Conference, visit: https://www.byblackcon.com/
