Designates August of each year as "Black Business Month" in New Jersey.
The resolution emphasizes that while Black-owned businesses have been growing rapidly, they still account for a smaller percentage compared to the Black population in the state. SJR113 seeks to address historical economic disparities faced by the Black community, including higher unemployment rates, lower home ownership, and diminished wealth accumulation. By designating August as a month of awareness and advocacy, the resolution supports the view that increased recognition can foster better economic opportunities for Black entrepreneurs.
SJR113 is a Senate Joint Resolution from New Jersey, introduced by Senator Angela V. McKnight, which designates the month of August each year as 'Black Business Month'. The resolution aims to recognize and promote the success of Black-owned businesses in the state. It highlights the importance of these businesses to New Jersey's economy, acknowledging that Black Americans own approximately 10 percent of U.S. businesses, and that over half of these owners are female. This effort is positioned as a vital step towards supporting the growth and sustainability of Black entrepreneurship in the state.
One of the notable points of contention surrounding the establishment of 'Black Business Month' is the impact of the COVID-19 pandemic, which has disproportionately affected Black business owners. The resolution cites that 41 percent of Black-owned businesses closed during the pandemic, indicating a critical need for support. Critics may argue whether the designation alone can drive significant change, stressing the importance of not only raising awareness but also providing tangible support and policies that foster economic recovery and growth in the Black business community.