Black-Owned Businesses Saw A Swell Of Support In 2020. But Has It Lasted?

At the coronavirus pandemic’s onset, businesses across the country were adversely affected. And it hit some people much harder than others.

A study by the Federal Reserve Bank of New York estimates that 41% of Black-owned businesses across the country permanently shut their doors between February and April, while only about 17% of white businesses shuttered. As Black business owners worked to find their footing amid pandemic challenges, the death of George Floyd at the hands of Minneapolis polce in late May incited worldwide protests and a reignition of the Black Lives Matter movement across the country.

A whirlwind of support for Black-owned businesses ensued, but has this wave continued as we near the end of the year? We talked to three business owners to find out.

Christina Funke Tegbe, founder of African beauty brand 54 Thrones, told HuffPost that her business saw a 2,500% increase in site traffic in June. Even as studies show the support of the Black Lives Matter movement has declined since then, 54 Thrones has maintained its momentum, even making Oprah’s 2020 Favorite Things list.

“This time last year, not many people knew of 54 Thrones,” Funke Tegbe said.