An Economy for All

As we welcome the start of Black History Month, we celebrate the leaders and voices who have - and are still - tirelessly fighting for change, those who have sought to shape history for the better, for all. Here's the reality today:

• Charleston demonstrated the 5th fastest growing gap between rich and poor residents in the US from 2011-2016 (and the pandemic didn't help)
• The median income levels for African-American and Hispanic households in Charleston County are less than half that of white households.
• While the number of Black-owned businesses in the US has grown significantly in recent years, they still make up a small share of firms and revenue in the country, according to a Pew Research Center analysis of Census Bureau data. 

It's these realities that drive us to do what we do everyday. It's why Lowcountry Local First creates innovative programs that fill gaps and solve economic problems and inequities — from our new farmer training program in 2010, to creating the area's first affordable, open-sector coworking space in 2014, and in 2019 - launching our entrepreneurial training program, Good Enterprises. There has been a significant and persistent gap in our entrepreneurial ecosystem, one that does not provide opportunity for minority and low-income individuals to improve their lives through entrepreneurship. Good Enterprises is one engine working to fill that gap. Since its inception in the fall of 2019, the program has seen nearly 300 inspiring, emerging entrepreneurs complete the Community Business Academy (71% female participants and 72% identify as a racial minority) — and we're just getting started. 

So what can you do?
1. Spend with intention and shop with Black-owned businesses. Your dollar makes change happen. It shapes this place and what our community looks like. Look for businesses to support in our directory, and via our partners at Black Charleston Professionals.

2. Shout it out: Share information about Black-owned businesses with your friends, family, and social networks. Word-of-mouth and social tag recommendations can significantly boost a business's visibility and customer base.

3. Attend events and markets: Participate in local events, markets, and festivals that highlight and promote Black-owned businesses. Look to the Black Food Truck Festival, IAAM Charleston events, Black Food Fridays, CofC's Avery Research Center, Black Charleston, and others for a start!

4. Engage with advocacy organizations: Get involved with organizations and initiatives that advocate for economic equity and support Black entrepreneurs. Start with Black Lives Matter Charleston.

5. Advocate for policy changes: Support policies at the local, state, and national levels that promote equity in business ownership and entrepreneurship. This could include advocating for access to capital, business development programs, and anti-discrimination measures.

6. Invest in Black-owned businesses: Consider investing in Black-owned businesses either through direct investment or by supporting funds and initiatives that focus on investing in underrepresented entrepreneurs.

7. Educate yourself and others: Take the time to learn about the challenges facing Black-owned businesses and the broader issues of economic inequality, and the systems that make change difficult. Share what you learn with others to raise awareness and foster understanding. Start with the Racial Equity Institute (REI) training with YWCA Greater Charleston (don't miss the in-person training offered at the TogetherSC Nonprofit Summit in North Charleston on Feb 21)!

8. Provide mentorship and support: If you have experience in business or a relevant field, consider offering mentorship or support to Black entrepreneurs. Sharing knowledge, resources, and connections can be invaluable in helping these businesses thrive. Ready to start? Ask us about our Local Expertise Exchange!