| Special to The Journal
Although the percentage of Rhode Island businesses that are Black-owned lags behind the national average, there are more than 3,000 of them that, combined, constitute a vital piece of the state’s economy. Of these, a majority are self-employed enterprises or businesses that employ four or fewer workers.
Businesses of such size, regardless of ownership, often require resources beyond what’s readily available to their larger, more mainstream counterparts. These include specialized funding opportunities, whether grants or targeted loan programs. It means access to workforce development, advocacy, legal supports, mentorship and more.
It can be a lot to navigate, particularly while managing the day-to-day operations so critical to a business’ ability to survive. But through these resources, traditionally underserved individuals and their businesses are empowered by an equal opportunity to thrive.
This is the foundation of the principle of economic justice, where everyone – regardless of their background – has the chance to participate in an economy that allows for a quality standard of living. More so, the realization of economic justice sets off a chain reaction that’s felt by future generations and impacts every level of our state’s economy.
The work of organizations like the Rhode Island Black Business Association touches the lives of thousands of our neighbors, working families all contributing to the strength and stability of our state. That’s because a fair economy is a more successful economy, as prosperity and equity are undeniably linked.
We right now are living in a time when economic inequality has reached historic levels in our country and around the globe. It is imperative that we recognize, and address, the barriers that foster the disparities that limit so many of our neighbors from reaching their full potential.
As a state, we are only as strong as the opportunities provided for all. Because true progress is built on the well-being of every individual.
Larry Warner is the chief impact & equity officer at the United Way of Rhode Island.
