Designates August of each year as "Black Business Month" in New Jersey.
The resolution responds to the economic challenges faced by Black-owned businesses, especially in light of the COVID-19 pandemic, which disproportionately affected this demographic. According to the text, 41% of Black-owned businesses closed during the pandemic, compared to 17% of white-owned businesses. Recognizing August as 'Black Business Month' aims to enhance awareness about the support these businesses need and to formulate strategies that can help mitigate the economic disadvantages they face, thereby fostering improved economic conditions within the Black community.
Assembly Joint Resolution 29 (AJR29) designates August of each year as 'Black Business Month' in New Jersey. The resolution emphasizes the significance of Black-owned businesses in the state's economy, noting that they account for approximately 10% of all businesses in the U.S. Furthermore, over half of Black business owners are female, which is noted as a higher percentage than other demographics. This declaration aims to celebrate the contributions of Black-owned businesses and promote their continued success and growth within the state.
In conclusion, Assembly Joint Resolution 29 seeks to create an annual observance aimed at recognizing and promoting the success and sustainability of Black-owned businesses in New Jersey. The resolution draws attention to both the importance these businesses have for the state's economy and the systemic challenges they face, particularly highlighting the historical context of economic disenfranchisement experienced by the Black community.
While AJR29 has garnered support across the board, the main contention lies in the necessity and effectiveness of distinguishing a specific month to focus on Black-led businesses amid a broader conversation about racial equity and economic justice. Some advocates argue that while the declaration of 'Black Business Month' raises awareness, it should be accompanied by concrete economic initiatives and policy changes that would provide substantial support and resources to Black entrepreneurs and business owners.