About Nubian Dollar
The concept of Nubian Dollar is to help locate and promote black-owned businesses using mobile technology. Whether you’re a consumer who wants to support black-owned businesses or a black-owned business wanting to expand its audience, I have faith, our applications will help you accomplish your goals.
We believe entrepreneurship is a key component in creating economic growth and financial stability in our community. Investing in black-owned businesses can play a significant role in strengthening the overall economy in the United States. Historically, black Americans have faced systemic barriers to economic success, including discrimination in hiring, lending, and access to capital. These barriers have led to lower rates of business ownership and lower median wealth among black Americans compared to white Americans. However, investing in black-owned businesses can help to close this wealth gap and promote economic growth for all.
One way that investing in black-owned businesses can strengthen the economy is by increasing job creation and economic activity in under-invested communities. Black-owned businesses are more likely to be located in African American communities, and they tend to hire more employees from these communities than non-black-owned businesses. According to a report by the National Black Chamber of Commerce, black-owned businesses create jobs at a rate 2.5 times higher than the national average. This increased economic activity can help to reduce poverty and improve overall economic outcomes in these communities.
Another way that investing in black-owned businesses can strengthen the economy is by promoting diversity and innovation. Black-owned businesses tend to be more diverse than non-black-owned businesses, both in terms of the racial and ethnic makeup of the owners and employees, as well as the types of products and services they offer. This diversity can lead to new ideas and ways of doing business, which can drive innovation and economic growth. Additionally, supporting black-owned businesses can also help to promote greater social cohesion and civic engagement within communities. When individuals and communities come together to support black-owned businesses, they are also building connections and relationships with one another, which can lead to greater trust and cooperation within the community.
Investing in black-owned businesses can also have positive spillover effects on the broader economy. When black-owned businesses are successful, they can serve as role models and inspire other black entrepreneurs to start their own businesses. This can lead to more business formation and job creation, which can boost economic growth. Additionally, black-owned businesses can serve as important suppliers to larger businesses and anchor institutions in the community, which can help to create jobs and spur economic development.
There are also several historical examples of how investing in black-owned businesses have helped to strengthen the economy. In the post-Civil War era, black-owned businesses were a driving force in the economic recovery of the South. Black-owned businesses such as banks and insurance companies helped to rebuild communities and provide access to capital for other black entrepreneurs. Additionally, during the Civil Rights Movement, black-owned businesses played a critical role in the fight for justice and helped to create jobs and economic opportunities for black Americans.
Despite the potential benefits of investing in black-owned businesses, there are still significant barriers to economic success for black Americans. According to the Federal Reserve, black-owned businesses receive only a small fraction of the total amount of venture capital funding compared to white-owned businesses. Additionally, black-owned businesses are more likely to be denied loans and have higher interest rates on loans than non-black-owned businesses. To address these barriers, policy makers can consider implementing programs and incentives to increase investment in black-owned businesses and to provide access to capital and business development resources.
In conclusion, investing in black-owned businesses can help to strengthen the overall economy in the United States. By increasing job creation and economic activity in under-invested communities, promoting diversity and innovation, and having positive spillover effects on the broader economy, black-owned businesses can play a critical role in closing the wealth gap and promoting economic growth for all. Despite the challenges, investing in black-owned businesses has the potential to be a powerful economic tool and policymakers should consider implementing policies and programs to increase investment in them.
Nubian Dollar is a grass roots initiative to support black-owned businesses and we need your support. We ask that you become part of this grass roots movement by downloading the mobile app and patronizing black-owned businesses. Also, you can help us expand our reach by getting the word out about our efforts. Help us become your success.