Throughout the pandemic, Black-owned businesses in the US have been significantly impacted, with closure and revenue rates far worse than non-minority organizations in most regions.
According to Meta’s ‘State of Small Business Report’, more than half of minority-led businesses have reported a drop in sales within the period, which is 6 percentage points higher than other SMBs, while almost two-thirds of Black-led businesses, specifically, have reported a drop in sales of more than 50%.
With these sobering stats in mind, Meta has been working to provide more support for Black-owned brands, in order to lift their performance, where possible, and eliminate ongoing social inequality as a result of this shift.
Meta’s latest effort on this front is a new series of events to provide insights for Black-owned businesses, while it’s also announced the participants in a new training and support program for impacted SMBs.
As explained by Meta:
“Throughout Black History Month, Meta Elevate will be kicking off weekly events with industry experts, small business owners and influencers to inspire and educate Black-owned small businesses with a new theme "Black365." These events, which will start during Black History Month, will continue beyond February to support this community and provide new ways to help their businesses thrive.”
As noted, the events are the latest in Meta’s efforts to provide more support and training for Black-owned SMBs, with both Facebook and Instagram running a range of initiatives over the last year to highlight and support these brands.
In addition to this, Meta has also announced a group of 10 Black-owned businesses that have been chosen to take part in a new training program, as nominated by singer and philanthropist Ciara.
These business owners will take part in a 6-week marketing mentorship, facilitated by Meta Elevate, while Meta will also provide $100,000 in ad credits and creative support so that each business can put their learnings into action following the mentorship.
This is a key area of focus for Meta, in allocating business support where it’s needed most, and lessening the compounding impacts of social inequality. Meta, through Facebook and Instagram, has made a strong commitment to providing more support for minority-owned businesses, and this latest initiative is another step in working to address rising concerns, and empower all business owners to maximize their opportunities equally.
Meta’s ‘Black365’ events will be held throughout February.