Bill Text: NJ SJR91 | 2024-2025 | Regular Session | Introduced
Bill Title: Designates August of each year as "Black Business Month" in New Jersey.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-02-27 - Introduced in the Senate, Referred to Senate Commerce Committee [SJR91 Detail]
Download: New_Jersey-2024-SJR91-Introduced.html
Sponsored by:
Senator ANGELA V. MCKNIGHT
District 31 (Hudson)
SYNOPSIS
Designates August of each year as "Black Business Month" in New Jersey.
CURRENT VERSION OF TEXT
As introduced.
A Joint Resolution designating August of each year as "Black Business Month" in New Jersey.
Whereas, Black-owned businesses are an essential part of New Jersey's economy, and it is in the best interests of the State that Black-owned businesses in New Jersey thrive; and
Whereas, Roughly 10 percent of American businesses are owned by Black Americans and more than half of all Black business owners are female, a higher percentage than any other demographic; and
Whereas, During the past decade, the number of Black-owned businesses has been growing at a faster rate than overall business growth in the United States; and
Whereas, Despite rapid growth, the percentage of businesses owned by Black Americans is still substantially lower than the percentage of Black Americans in the general population; and
Whereas, An increase in the proportion of Black-owned businesses would be beneficial to the Black community and the overall economy by improving economic freedom for Black Americans; and
Whereas, The Black community faces many economic disadvantages, such as higher unemployment rates, lower home ownership rates, and less accumulated wealth, which can be mitigated by the success of Black-owned businesses; and
Whereas, The COVID-19 pandemic has disproportionately affected Black business owners, forcing twice as many to close their businesses as white business owners; and
Whereas, While the COVID-19 pandemic has necessitated government support for the entire business community in New Jersey, greater closures among Black-owned businesses have exacerbated the economic disadvantages already faced by Black Americans, and Black business owners would benefit from increased awareness of actions that would aid economic recovery and promote the long term success of Black-owned businesses; and
Whereas, "Black Business Month" has been observed nationally since August 2004, when it was established by historian John William Templeton and engineer Frederick E. Jordan Sr.; and
Whereas, The goal of "Black Business Month", as established by Mr. Templeton and Mr. Jordan, is to influence the policy agenda affecting Black-owned businesses, support Black business owners, and promote greater economic freedom for Black Americans; and
Whereas, The observance of "Black Business Month" in August of each year provides government officials, community leaders, and business leaders with an opportunity to reflect on the importance of Black-owned businesses and focus on ways to support Black business owners in the State of New Jersey; now, therefore,
Be It Resolved by the Senate and General Assembly of the State of New Jersey:
1. The month of August of each year shall be designated as "Black Business Month" in the State of New Jersey to promote the success of Black-owned businesses in the State.
2. The Governor is respectfully requested to annually issue a proclamation recognizing August as "Black Business Month" in New Jersey and calling upon institutions of learning and culture to observe the month with appropriate activities and programs.
3. This joint resolution shall take effect immediately.
STATEMENT
This joint resolution designates the month of August of each year as "Black Business Month" in support of Black-owned businesses in the State of New Jersey.
Black-owned businesses are an essential part of New Jersey's economy. According to the U.S. Census Bureau, Black-owned businesses account for 10 percent of all businesses in the United States, or roughly 2 million companies. More than half of all Black business owners are female, a higher percentage than any other demographic. Over the past several years, the number of Black-owned businesses has been growing at a higher rate than overall business growth in the United States. Despite rapid growth, the percentage of businesses owned by Black Americans is still substantially lower than the percentage of Black Americans in the population of the United States. An increase in the proportion of Black-owned businesses would promote greater economic freedom for Black Americans and be beneficial to both the Black community and the overall economy.
Black-owned businesses have been disproportionately impaired by the COVID-19 pandemic, with 41 percent of Black-owned businesses closing during the pandemic compared to 17 percent of white-owned businesses and roughly one third of all small businesses. These business closures have exacerbated the economic disadvantages faced by Black Americans every day. Economic issues are interrelated, and by offering support to Black business owners, New Jersey can work toward improving issues of unemployment, wealth accumulation, and home ownership for Black residents.
"Black Business Month" was established nationally in August 2004 by historian John William Templeton and engineer Frederick E. Jordan Sr. The objective of Mr. Templeton and Mr. Jordan was to influence the policy agenda affecting Black-owned businesses, to support Black-owned organizations, and to promote greater economic freedom for the Black community. The observance of "Black Business Month" each year provides an opportunity for government officials, community leaders, and business leaders to focus on ways to support Black business owners and help Black-owned businesses thrive.
