In a sea of terrible news that 2020 has brought, this story certainly shines for black-owned small businesses. With the economic crash due to Covid-19, many small businesses have been suffering, and black-owned businesses have been hit especially hard. This said, American Express has launched a campaign stating it will donate a share of $2.5 million to 100 black-owned businesses across the country.
For small black hair care brands, such as Kazmeleje, this means the difference between having to close down temporarily or permanently to being able to function and thrive in a weak economy. American Express teamed up with iFund Women of Color to additionally provide the businesses with 100 days of development courses to provide them with tips and tricks on how to boost sales and overall function well. Not only is this a great step towards economic equality and opportunity for black female business owners, but it will boost the capital their business earns, since black female owned businesses only received .38% of all venture capital that small businesses had.
Due to the fact that many black hair care brands fall into this category, it will provide an opportunity for black women to explore and shop with different brands they haven’t tried out before, from brands that create tailored hair care tools to brands that create more sustainable products. In the midst of a pandemic and racial tension from this year, the money given to these black female owned businesses will open a world of different opportunities for the business owners and will lift struggling businesses out of a potential depression that the economy has created.