(BPT) - It's no secret small businesses have been largely impacted by the pandemic. New York Congresswoman Nydia M. Velázquez acknowledged the pandemic has 'sparked a once-in-a-lifetime crisis for American small businesses.'
Black business ownership was especially hit hard with a decline of more than 40%, the largest drop across any racial demographic, according to a report by the House Small Business Committee. With government aid struggling to meet the demand, companies and nonprofit organizations launched relief programs and crowd-sourced campaigns to provide valuable support.
A recent example of two institutional forces rallying together is the newly announced partnership between Prudential Financial and the New Jersey Devils for a first-of-its-kind Buy Black program where Prudential will donate its premier logo space on the Devils' helmet to a Black-owned, New Jersey-based business. This history-making move provides the business with unprecedented exposure during select games starting in December. The collaboration offers valuable business and marketing opportunities and increases visibility for Black entrepreneurs, helping them grow and thrive in the communities.
For businesses that faced financial hardships and challenges since the pandemic, this holiday season is important to reenergize sales. Every purchase can help revitalize a once thriving entrepreneurial community - one step at a time. During the season of giving, there are several ways for local consumers to support the small business community, including:
- Shop small: Get to know the businesses in your neighborhood. Find and support local small businesses this holiday season.
- Share on social: Share details of the business on personal social channels and identify creative avenues to expand the spotlight, such as posting about the business on professional networks to encourage others to make an informed purchase.
- Write a review: Providing positive feedback on a purchase or service experience with a business-of-choice encourages others to follow the lead.
These small efforts can help small business owners begin the journey of recovery from the pandemic crisis to thrive again. It takes every member of the community to come together and provide support.