Beyond the Month: 5 Ways to Turn Black Philanthropy and Black Business Into Action

Every August, Black Philanthropy Month and National Black Business Month offer an opportunity to celebrate the impact of Black generosity, entrepreneurship, and economic leadership.

But celebration should also lead to action.

For foundations, business support organizations (BSOs), corporations, financial institutions, and community partners, August is a good time to ask a bigger question:

What are we doing year-round to ensure Black entrepreneurs and Black-led organizations have access to the capital, relationships, resources, and opportunities they need to thrive?

Here are five places to start.

1. Follow the Money

Start by understanding where your organization's dollars are actually going.

Look at your grants, contracts, sponsorships, investments, and vendor spending. How much reaches Black-led organizations or Black-owned businesses? Are there barriers in your procurement, grantmaking, or lending processes that make those dollars harder to access?

You don't need to solve everything at once. Start with a baseline.

Take Action: Review one category of organizational spending from the past 12 months. Identify where your dollars went and set one measurable goal for the year ahead.

2. Move Beyond "Shop Black" to "Do Business With Black Businesses"

Consumer spending matters, but Black-owned businesses aren't limited to restaurants, retail, and other consumer-facing companies.

Black entrepreneurs provide consulting, technology, marketing, accounting, construction, financial services, logistics, professional services, and much more.

Organizations have purchasing power, too—and procurement can be a powerful economic development tool.

Take Action: Identify three upcoming purchasing or contracting opportunities and intentionally expand the pool of Black-owned businesses invited to compete for them.

3. Ask Entrepreneurs What They Actually Need

It's easy to create another workshop, training program, or initiative. It's harder—and more valuable—to start by listening.

The greatest barrier facing an entrepreneur may be working capital. Or customers. Or affordable professional services. Or navigating financing. Or simply getting connected to the right person.

Before deciding what businesses need, ask them.

Take Action: Convene a small group of Black entrepreneurs and ask one straightforward question: What's making it harder to grow your business right now? Document what you hear and identify at least one action your organization can take in response.

4. Look at Access to Capital—Not Just Whether Capital Exists

A loan program can exist without being truly accessible.

Collateral requirements, credit standards, existing debt, complicated applications, or restrictive underwriting can prevent entrepreneurs from accessing traditional financing. When cash is urgently needed, that gap can push business owners toward high-cost alternatives such as merchant cash advances.

Funders, financial institutions, and BSOs all have a role to play in helping entrepreneurs find responsible, affordable capital before a financial emergency occurs.

Take Action: Map the capital available to entrepreneurs in your community—including banks, credit unions, CDFIs, loan funds, grants, and other responsible financing options. Then ask: Who still can't access it, and why?

5. Make the Commitment Bigger Than August

Black Philanthropy Month reminds us that Black communities have long invested money, time, relationships, and resources in one another. Black Business Month reminds us of the economic and community impact entrepreneurs can create when they have opportunity.

Neither conversation should end on August 31.

Use this month to build relationships, examine your data, identify gaps, and make at least one commitment that carries into the rest of the year.

Take Action: Before August ends, choose one measurable action your organization will pursue over the next 12 months—and determine how you'll track progress.

From Recognition to Action

Black Philanthropy Month and Black Business Month give us an opportunity not simply to celebrate, but to examine the ecosystems surrounding Black businesses and communities.

Who has access to capital? Who gets the contract? Who has a voice in deciding where resources go? And what barriers are standing in the way?

Those are questions worth asking in August—and throughout the year.

GTB Advisors works with business support organizations, philanthropy, financial institutions, and other partners to better understand and strengthen the systems affecting small business success and access to capital.