8 Resources for Black-Owned Businesses

Published on June 20, 2025 | Webster Bank

Owning a business has been proven to be an effective wealth-building strategy. Owners can take their business revenue and re-invest it back into the business as well as their personal portfolios. The more successful the company, the greater the amount of money owners will be able to set aside for their future personal investment needs as well as the continuing growth of their business.

There are plenty of local and national resources for businesses which provide support and guidance for all sizes and types of ventures. This includes Black-owned businesses, which historically have seen challenges in gaining a firm financial footing. Owners or prospective owners are encouraged to look into many of the tools available from SCORE,¹ the U.S. Chamber of Commerce,² and other organizations that support Black-owned businesses discussed in more depth below.

Organizations That Support Black-Owned Businesses

Five key organizations are designed to help Black-owned businesses succeed.

1. The National Urban League³ focuses on providing a leg up to Black sole proprietors. It enables “African Americans and other underserved urban residents to secure economic self-reliance, parity, power, and civil rights.” It also helps businesses through its Entrepreneurship Centers, which provide counseling, mentorship, as well as training for minority business owners.
2. The Black Business Association⁴ has chapters across the United States. It helps improve access to government contracting and the procurement process.
3. Black Founders⁵ provides access to mentorship, funding, and advice.
4. The National Minority Supplier Development Council⁶ increases the likelihood of Black businesses receiving procurement contracts from larger businesses.
5. The Coalition to Back Black Businesses⁷ is a partnership between the National Business League, National Black Chamber of Commerce, U.S. Black Chambers, Inc., and Walker’s Legacy. It provides grants and mentorship opportunities.

A Marketing Resource Becomes a Movement

Black Owned Everything⁸ curates photos and products from Black-owned businesses on Instagram accounts and distributes them to a broader audience. This Instagram-driven marketing platform has transformed into a movement and medium “for creating meaningful and long-lasting participation between Black business, community, and excellence.”⁸

Provider of Training And Lending Assistance

Operation Hope⁹ sponsors the Small Business Empowerment Program, which provides 12 weeks of training for businesses in low-income neighborhoods. It also provides financial counseling through lending services and works to connect businesses with potential lenders.

The SBA

The U.S. Small Business Administration, which helps all small businesses grow, has specific programs for Black businesses. One program, the SBA 8a Business Development program, helps socially and economically disadvantaged small businesses market themselves to bid on and receive federal contracts.¹⁰ The program certifies businesses as eligible, then provides one-on-one development assistance for nine years.

The SBA has other programs that are not explicitly targeted at Black-owned businesses, but Black businesses can certainly participate. For example, one program provides counseling and training for all small businesses. Many of these programs are hosted at historically Black colleges. The SBA also has the power to back loans to make lenders more likely to agree to finance a project. It provides a mentor-protege program as well.¹¹

By taking advantage of these resources, Black entrepreneurs can give their current and future business ventures greater chances of seeing success.

Important Disclosures:

Content in this material is for educational and general information only and not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

LPL Tracking # 1-05296605.

Footnotes

¹ Nine resources to help Black-owned businesses, SCORE, https://www.score.org/blog/9-resources-help-black-owned-small-businesses

² 10 Resources for Black-owned small businesses, U.S. Chamber of Commerce,  https://www.uschamber.com/co/start/strategy/resources-for-black-owned-businesses

³ National Urban League, https://nul.org

⁴ Black Business Association, https://www.bbala.org

⁵ Black Founders, http://blackfounders.com

⁶ National Minority Supplier Development Council, https://nmsdc.org

⁷ Coalition to Back Black Businesses, https://webackblackbusinesses.com

⁸ Black Owned Everything, https://blackownedeverything.co

⁹ Operation Hope, https://operationhope.org

¹⁰ 8a Business Development Program, Small Business Administration, https://www.sba.gov/federal-contracting/contracting-assistance-programs/8a-business-development-program#section-header-0

¹¹ Minority Owned Businesses, Small Business Administration, https://www.sba.gov/business-guide/grow-your-business/minority-owned-businesses