TAMPA, Fla (WFLA) – August is National Black Business Month and the founder told News Channel 8 this is a time to expand Black businesses, which will boost the economy.
In 2004, John William Templeton co-founded National Black Business Month as an effort to expand the support and existence of Black-owned businesses across the nation.
“We are very close to achieving the promise land that Doctor King prophesied in his last speech,” Templeton said. “It’s really about information and implementation.”
Templeton believes the promise land is Black businesses accounting for 10% of the nation’s Gross Domestic Product. Right now, Black businesses account for 4%.
“We are moving in the right direction” he said. “Two years ago we were at 2% and now we are at four. African Americans make up 14% of the population, if we could reach 10% of GDP the economic impact would be substantial.”
According to the latest census data, there are more than three million Black-owned businesses in the country. Many of those are in the Tampa Bay area. WFLA features a lot of those businesses in “For the Culture.”
The problem is that it takes extra effort for many to support Black owned businesses, it’s not a natural instinct or a daily task. Templeton believes once that changes and people help, small Black-owned businesses can expand. He believes there will be a big economic boost.
“Space-X was subsidized by the federal government, so we know how to make companies big, we just haven’t done it for African American companies,” Templeton said. “One thing we all can do is treat Black businesses like how we treat the church, and endeavor to spend 10% of our disposable income with black owed businesses.”
Templeton has his 31 Days, 31 Ways website, which is a daily breakdown of how to support Black-owned businesses during the month of August and beyond.