Starting and growing a small business is a cornerstone of the American identity. But for Black entrepreneurs, growing a business can be particularly difficult.

As the President and CEO of U.S. Black Chambers, Inc, I have seen and heard firsthand the challenges posed by growth for Black business owners every day. In a May 2022 survey of small business owners done in partnership with Reimagine Mainstreet, nearly 75 percent of Black business owners said it was unlikely they could fund growth opportunities such as hiring new staff or purchasing new equipment or property.

Luckily, mergers and acquisitions offer an alternative pathway to growth for Black entrepreneurs. Mergers and acquisitions refer to the transfer or consolidation of two or more firms under a single company and, since 1985, more than 325,000 mergers and acquisitions transactions have been announced with a value of almost $34.9 billion according to the Institute for Mergers, Acquisitions and Alliances. From my personal experience, mergers and acquisitions can play a key role for Black business owners as a business growth and wealth creation strategy.

Before becoming President and CEO of U.S. Black Chambers, Inc. I took over the family business USA Superclean and grew it from $150,000 in annualized revenue to over $15 million in a decade, becoming the largest Black-owned janitorial firm in the country at the time. The key to this rapid growth was the acquisition of several other janitorial companies that enabled USA Superclean to rapidly increase capacity and scale to meet the opportunity

Following the rapid growth of USA Superclean, we sold the company, which played an important part in creating family wealth. Just as it did for me, mergers and acquisitions can play a key role in wealth creation for Black entrepreneurs. And it’s no secret that Black households face great disparities in household wealth. As of 2019, non-Hispanic white households had a median household wealth of $187,300, compared to $14,100 for Black households according to the U.S. Census.

To be sure, mergers and acquisitions are complicated transactions and entrepreneurs should consult the appropriate legal and financial advisors. Another challenge of mergers and acquisitions can be bringing the firms together to form one culture and business. While USA Superclean was a young, Black, progressive firm, one of its acquisitions was white-owned and utilized older business practices. These cultural differences could have put the business under,
but we were able to slowly create a unified culture through building trust with its leadership and employees and updating their business processes.

The business community has an important role to play in the success of Black entrepreneurs with the mergers and transactions process. Black-owned small businesses need education and resources on the process from sources they trust, including the Small Business Administration, Small Business Development Centers, SCORE, and local chambers to know if it is the right step for their business. The U.S. Black Chambers, Inc. is committed to supporting these organizations in providing information about mergers and acquisitions as a component of their curriculum and equipping Black business owners with the resources they need to understand and engage in the process.

From a policy perspective, we encourage lawmakers and regulators to strengthen and further improve the merger and acquisition ecosystem, ensuring robust opportunities and long-term growth for our business community. In this vein, we continue to offer support for organizations and institutions that seek to advance small business owners’ ability to use mergers and acquisitions as a key tool in their growth or exit strategy.

Mergers and acquisitions can play a critical role in growth and wealth creation for Black small business owners. The business community and policymakers should do their part to help ensure Black entrepreneurs’ success in the process.

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Los Angeles – October 13, 2022 — Today, theBIG3 announced that the league has been officially certified as a Black-Owned and Operated business by ByBlack, powered by U.S Black Chambers, Inc. This certification establishes the league as part of the ByBlack network and distinguishes the BIG3 as the first and only professional sports league to be certified.

“Myself and the entire league are honored to be officially certified by ByBlack and the U.S. Black Chambers,” said Ice Cube, BIG3 CEO and co-founder. “From day one, the league has been dedicated to providing opportunities for Black players, fans, investors, and partners, and we are proud to be a part of a nationwide network of Black business owners. Supporting black enterprise is a lifelong passion of mine and the BIG3 will continue to build upon its successes and lift up other Black entrepreneurs.”

“USBC is energized by the BIG3 basketball league becoming a certified ByBlack business. This is the first step of what we deem to be a fruitful partnership, with Ice Cube’s commitment to helping other Black-owned businesses get ByBlack certified. We applaud Ice Cube for leading the way in this initiative and it is our goal to continue this partnership by collaborating with Ice Cube, BIG3, and other Black-owned businesses in the sports and entertainment industry”, says Ron Busby Sr. USBC CEO & President.

As a league focused on innovation, the BIG3 had several new enhancements to the player and fan experience across their fifth season. The league introduced the first-of-its-kind Forever Experience Action Tokens (FEATs), which leverages blockchain technology to sell NFTs offering ownership-like benefits and real-world experiences, redefining how teams and leagues can use Web3.0 technology. Owners include a community of Axie Infinity Members – owners of the now three-time-champion Trilogy – DeGods, Gary Vaynerchuk and VeeFriends, Bill Lee and MyDoge/DogeCoin, Krause House, and Snoop Dogg and PayPal Co-Founder Ken Howery.

Recently, Ice Cube also co-founded the Contract with Black America Institute and struck a landmark partnership with the National Football League to have the league invest and partner directly with Black-owned businesses with over $125 million committed and efforts are ongoing. Having this strategic partnership with the U.S. Black Chambers, Inc. equips Ice Cube with a direct pipeline to Black businesses at every stage, Black Chamber’s at a national level and a recognized national certification through ByBlack. All of which will support him in his commitment and efforts.

The BIG3 also introduced Heat Vision, an exclusive 3-on-3 shot tracking software powered by Microsoft Azure and Noah Basketball Analytics, allowing BIG3 players and coaches access to real-time data on every single shot, including arc, rotation, and depth. Last season also saw the Monster Energy BIG3 Celebrity Game, featuring stars like Rob Gronkowski, Nelly, NLE Choppa, and Wallo267 and Gillie Da Kid. The BIG3 will announce the complete schedule with broadcast dates and venues in the coming weeks.

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October 11, 2022, Washington, DC – Today, U.S. Black Chambers, Inc. (USBC) commends President Biden’s recent announcement of a pardon of all prior Federal offenses of simple possession of marijuana and hopes that the momentum continues.

We appreciate his acknowledgment that marijuana laws have been applied in a discriminatory way and, at the same time, we continue to see great opportunity for African Americans to participate in this industry as it expands.

USBC has been a long-time advocate for fairness in marijuana policy reform. Our 2022 BLACKprint calls for an expansion of business loan opportunities to Black aspiring cannabis business owners and we hope that this program will be funded by tax revenue collected from marijuana sales. We also believe that these opportunities should be coupled with targeted job training efforts as well as state-of-the-art regulatory standards designed to address social equity issues and ensure compliance with existing civil rights laws designed to target discrimination in the marketplace.

“This is promising as we look to decriminalize marijuana federally, however more needs to be done. In particular, USBC would like to see a policy passed that will ensure criminal records do not keep qualified Black entrepreneurs from participating in the emerging legalized cannabis industry.” Says Ron Busy, USBC CEO & President.

Expanding Opportunity for Black-owned Cannabis Businesses:

USBC calls for an expansion of business loan opportunities to Black aspiring cannabis business owners. Understanding the industry is highly regulated and expensive to operate and remain in compliance, a key barrier to Black participation in this market is an access to capital and business counseling.

USBC plans to work closely with policymakers to better understand the needs and gaps of aspiring cannabis business owners and how to ensure that Black businesses have access to benefit from the burgeoning growth of the cannabis industry. To jumpstart this process, we will work with policymakers to reintroduce the MORE Act of 2021 (Marijuana Opportunity Reinvestment and Expungement Act) or H.R. 3617. The MORE Act would:

• Replace statutory references to marijuana and marihuana with cannabis,
• Require the Bureau of Labor Statistics to regularly publish demographic data on cannabis business owners and employees,
• Establish a trust fund to support various programs and services for individuals and businesses in communities impacted by the war on drugs,
• Impose an excise tax on cannabis products produced in or imported into the United States and an occupational tax on cannabis production facilities and export warehouses,
• Make SBA loans and services available to entities that are cannabis-related legitimate businesses or service providers,
• Prohibit the denial of federal public benefits to a person based on certain cannabisrelated conduct or convictions,
• Prohibit the denial of benefits and protections under immigration laws based on a cannabis-related event (e.g., conduct or a conviction),
• Establish a process to expunge convictions and conduct sentencing review hearings related to federal cannabis offenses, and,
• Direct the Government Accountability Office (GAO) to study the societal impact of cannabis legalization.

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Sept. 23, 2022–WASHINGTON, D.C.—The U.S. Department of Transportation (DOT), Small Business Administration (SBA), and Minority Business Development Agency (MBDA) launched a new strategic partnership to ensure that minority-owned businesses gain access to the tools necessary to win government contracts through the Infrastructure Investment and Jobs Act. This new partnership will work to achieve multiple initiatives including increasing access to bonds and increasing bonding capacity, expanding resources from the Small Business Investment Company program for DOT prospective contractors, and working to engage small and minority-owned firms in national transportation supply chains in high-growth industries. To view the announcement, click here.

Ron Busby, Sr. President, and CEO of the U.S. Black Chambers Inc. said the following about the partnership:

“Today’s procurement marketplace is inequitable, inaccessible, and fraught with systemic barriers that prevent Black firms from becoming prime contractors and suppliers. This initiative will work to expose the barriers faced by Black-owned firms while providing them with the resources and guidance needed to take their firms to the next stage of growth through the breadth of opportunity in infrastructure projects. USBC applauds the SBA, DOT, and MBDA on this historical partnership initiative to increase the share of minority-owned contractors that will rebuild and revitalize America’s infrastructure through the Infrastructure Investment and Jobs Act. If carried out with intentionality, Black-owned firms will no doubt see growth in their industries and in their ability to remain contract ready for the opportunities in their state. USBC is committed to serving as a conduit of information and best-practices on behalf of the Black business community to the SBA, MBDA, and DOT throughout the remainder of this partnership and in the years to come.”

The multi-agency partnership follows a greater Administration-led push to ensure that America’s small contractors, especially those who are majority minority-owned and controlled, can benefit from opportunities in the procurement marketplace. Government contracting is representative of opportunity, business development, and carries immense potential for economic growth. However, Black firms continue to face undue burdens and barriers in the procurement system, only accessing a shocking 1.67 percent of contracts in FY2020. This strategic partnership represents a step in the right direction for increasing equity in procurement and increasing the Black business spend within the United States Federal Government. USBC looks forward to the work the SBA, DOT, and MBDA will do together in this endeavor.

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September 12, 2022, Washington, DC – Today, The U.S. Black Chambers, Inc. (USBC) announced that USBC President and CEO, Ron Busby Sr., will be honored as a 2022 Presidential Lifetime Achievement Award honoree selected by the Office of the President of the United States.

This prestigious award will be presented to Mr. Busby on Thursday, September 15th, honoring leaders who have made significant contributions to their community, industry, and country.

Busby’s selection was based on his history of public service, particularly his outstanding record as a leader in policy and advocacy for Black businesses for over twenty years. He is a pillar in the community and has made countless contributions that have positively impacted lives across the globe for decades. From founding the U.S. Black Chambers, Inc. to empowering Black chamber leaders, providing resources to Black businesses, and enriching marginalized communities, Mr. Busby’s servant leadership has been seen by many as a model for advocacy and civic engagement globally.

In accepting this award, Busby hopes to shed light on what it means to be a community leader, entrepreneur, and advocate for Black businesses of all sizes. Ron will be honored alongside fellow honorees including Rev. Dr. Frederick D. Haynes, III (Nationally and Globally Renowned Senior Pastor of Friendship-West Baptist Church, Social Activist, Orator, and Educator); Priscilla Clarke (World-Renowned, Celebrated HistoryMaker, and Award-Winning Public Relations and Entertainment Leader, GRAMMY Award Board Member, and President & CEO of Clarke & Associates); Dr. James F. Yanney, MD (Warren Buffett Foundation); and Bob Marshall (Senior Vice President and National Business Leader for Small Business Development of Wells Fargo Bank).

This prestigious award is presented with the intent of honoring those who have made noteworthy contributions to the betterment of their communities and/or society as a whole.

Congratulations to our leader Mr. Ron Busby Sr.!

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It’s Black Business Month. What should that really mean? Join Inc. in conversation about the goals, ambitions, and unique challenges of Black entrepreneurs in the U.S—and why they’re important for everyone.

The post The Problem With Black Business Month, and What Should Be Done Instead | Inc.com first appeared on U.S. Black Chambers, Inc..

August 22, 2022, Washington , DC – Today, the U.S. Black Chambers, Inc. (USBC), in partnership with Grubhub and the USBC Community Economic Development Corporation, announced the launch of their new restaurant grant program.

The USBC restaurant grant program helps restaurants receive funding to address business opportunities and current challenges. The fund, made possible by the Grubhub Community Fund, will support over $500,000 in grants to Black-owned restaurants and culinary-based businesses in select cities like New York, Philadelphia, Baltimore, Chicago and more. The first initiative of its kind, this unique partnership launched to support Black-owned restaurants by giving them access to capital and resources to ensure competitiveness in a changing post COVID-19 restaurant landscape including new technology, equipment, staff incentives, and building enhancements. Grants will range from $2,500-$10,000 based on program criteria, the size of the business and need.

“Restaurants play a vital role in their communities, and part of Grubhub’s mission is to help them thrive and have a positive impact on the people they serve,” said Dave Tovar, senior vice president of communications & government relations at Grubhub. “While this is a new partnership, the USBC has a track record of helping Black-owned businesses realize their potential and we’re excited to work together and extend this opportunity to the restaurant industry.”

“We are proud to partner with Grubhub,” said Ron Busby Sr., President & CEO of USBC. “We’re confident that this partnership will enable us to make a significant impact in the Black restaurant community. Providing much needed capital to Black restaurant owners who are recovering from the global pandemic is essential in empowering them to grow their businesses.”

Application submission opens August 22, 2022 and will roll out to select markets over the next six
months. For those interested in participating, please visit www.usblackchambers.org to apply.

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Now in its third year, the Coalition to Back Black Businesses will award $1.3 million in total grants and resources to support the long-term growth of Black-owned small businesses as they continue to navigate challenges including inflation, labor shortages, access to capital, and supply chain disruptions.

Washington, D.C. – The U.S. Chamber of Commerce Foundation and American Express today announced that the Coalition to Back Black Businesses (CBBB) is now accepting applications for its 2022-23 grant program, which will provide $5,000 grants to 272 Black-owned small businesses to help them meet critical needs and invest in long-term growth. Eligible business owners can apply for the grant online here, starting today through September 6, 2022.

The CBBB is a multi-year initiative created by the U.S. Chamber Foundation and American Express to support the long-term success and resilience of Black-owned small businesses. The program is a first-of-its-kind collaboration with four leading national Black business organizations, including the National Black Chamber of Commerce, the National Business League, the U.S. Black Chambers, Inc., and Walker’s Legacy. To date, the CBBB has awarded more than $6.4 million in grants to 1,091 Black-owned small businesses in 40 states to help fund essential expenses such as payroll, utilities, and expanding or replacing inventory, among other needs.

“The funding and mentorship opportunities this program offers are crucial to helping small employers adapt to the ever-evolving landscape of running a business,” said Carolyn Cawley, president of the U.S. Chamber Foundation. “We’re proud to work with our coalition of partners to build on the impact we’ve made over the last two years and support the continued growth of America’s Black-owned small businesses.”

“Small businesses are the backbone of our economy and local communities,” said Jennifer Skyler, chief corporate affairs officer at American Express. “American Express and our partners are proud to see that the grants are making an impact on the small business community, with 50% of our grant recipients seeing a real increase across sales revenue in the second half of 2021.”

“The grant was essential in helping us keep our doors open. The funds were used to pay for one month of rent and utilities for the barbershop, as well as invest in advertising,” said Perry Petit-Beau, owner of Petit Beau-ty & Grooming Company in Fort Lauderdale, Fla. “This helped establish us as reputable in the community, and we are now ranked in the top five barbershops in Fort Lauderdale, Fla. and have a 5-star rating online.”

In addition to $5,000 grants, the CBBB provides additional resources for sustained support, such as one-on-one mentorship and training for small businesses based on individual business needs, offered in partnership with Ureeka. This year, the program will also receive additional support from Cummins and Shopify. Selected grantees will also have the opportunity to apply for $25,000 enhancement grants in Spring 2023 to further grow their business.

To be eligible for the grant program, businesses must meet certain criteria, including having between three and twenty full-time, part-time, or otherwise contracted employees, and must be located in an economically vulnerable community. Business owners can check their eligibility and express their interest in the program by filling out a short form on the CBBB’s website. In mid-September, eligible finalists will be invited to complete a full grant application, and 272 businesses will receive a $5,000 grant. Business owners will be notified of their status in mid-October. Businesses that are not selected to receive a grant are encouraged to apply again as the program will continue to run through 2024.

For more information on eligibility and the application process, visit webackblackbusinesses.com.

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August 5, 2022—WASHINGTON, D.C.—Today, U.S. Secretary of Commerce Gina Raimondo announced that Donald R. Cravins, Jr. will serve as the inaugural Under Secretary for Minority Business Development at the Minority Business Development Agency (MBDA) within the U.S. Department of Commerce. Don Cravins Jr. comes into this critical role from the National Urban League, where he served as the Executive Vice President and Chief Operating Officer. The U.S. Black Chambers, Inc. applauds the U.S. Senate’s unanimous confirmation of this momentous milestone.

Ron Busby Sr. President and CEO of the U.S. Black Chambers, Inc, said the following: “Don represents what it means to serve and dedicate oneself to the betterment of our society. Each day, he has led by example through his passion for serving others. From his commitment to serving his country through the United States Army to serving his community through the National Urban League, Don’s professional experience positions him as the strong, compassionate, and resultsfocused leader that the Minority Business Development Agency needs to continue serving Black businesses across the country. We appreciate President Biden for putting forth an incredible,
dedicated public servant to lead the MBDA. Don Cravins, Jr. will put his talents to use right away, uplifting and supporting Black business owners across the nation.”

As the leading voice of Black businesses, the USBC welcomes Don Cravins, Jr to serve at the MBDA. Mr. Cravins Jr’s experience in both public and private policy, through his leadership at the Senate Small Business Committee, Charter Communications, and the National Urban League demonstrates his ability to create and carry out innovative solutions that support underserved business owners

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This week, as the Senate moves to consider the Inflation Reduction Act, business leaders and organizations, as well as small businesses across America, are voicing support for the historic legislation.

Small Business Majority: “The newly reached Senate deal outlined in the ‘Inflation Reduction Act of 2022’ is critically important and welcomed by small businesses. The legislation extends the Affordable Care Act’s premium subsidies through 2025 and lowers prescription drug prices. More than half of all healthcare marketplace participants are small business owners, employees or self-employed entrepreneurs,” said John Arensmeyer, Founder & CEO of Small Business Majority.

Read full statement here

Main Street Alliance: “Holding corporations accountable for their fair share of taxes, while investing in cost-savings on health care for small businesses is exactly the kind of progress small businesses need to survive,” said Main Street Alliance/Main Street Action Executive Director Chanda Causer.

Read full statement here

United States Hispanic Chamber of Commerce: “The introduction of the Inflation Reduction Act, a historical agreement reached by Leader Schumer and Senator Manchin, is an important step in starting the conversation around identifying ways to decrease healthcare costs, invest in domestic energy production, and make meaningful steps to decrease the deficit,” said USHCC President and CEO Ramiro A. Cavazos. “We are encouraged to see these conversations move forward and look forward to working with Congress and the Administration to push action on these important issues facing the Hispanic business community.”

Read full statement here

Retail Industry Leaders Association: “The agreement struck accomplishes all the objectives retailers have set out to achieve throughout the debate on corporate taxes: permanent lower rates, fairness to ensure all are contributing, and better enforcement to collect what is legally owed,” said Michael Hanson, Senior Executive Vice President for Public Affairs at the Retail Industry Leaders Association.

Quote featured in The Hill

U.S. Black Chambers Inc.: “The U.S. Black Chambers, Inc. stands in support of the Inflation Reduction Act of 2022, marking an achievement for the Biden-Harris administration on their promise to deliver on the Build Back Better agenda. Of notable impact to the Black business community, the legislation works to lower energy costs and reduce carbon emissions as Black communities are negatively impacted by environmental injustices at disproportionate rates,” said Ron Busby Sr., President, and CEO of the U.S. Black Chambers Inc. “The legislation will also target lowering healthcare costs and increasing healthcare access; we know that a strong Black economy requires a healthy Black community with equitable access to healthcare. USBC underscores the need for a holistic approach toward fostering a robust business ecosystem, and we recognize the provisions in this package make headway in that regard. While we understand there is more work to be done, we look forward to ensuring that this legislation is sculpted with intentionality so that we can continue to uplift Black businesses throughout the country.”

Association of Women’s Business Centers: “The Association of Women’s Business Centers applauds the efforts towards the Inflation Reduction Act of 2022. We are especially supportive of the inclusion of doubling the small business R&D tax credit, which will help women-owned small businesses, and all qualified small businesses, as they navigate financial hardships from the pandemic, workforce shortages, and inflation,” said Corinne Goble Hodges, CEO of the Association of Women’s Business Centers. Inclusion of this provision will enable more women entrepreneurs and new businesses to utilize the additional dollars of the tax to offset the FICA employer portion of payroll tax, thus enabling them to focus additional resources on business resiliency and growth.

National Electrical Manufacturers Association (NEMA): “Today the National Electrical Manufacturers Association (NEMA) issued a letter to Democratic leaders in the Senate and House thanking them for their efforts on the Inflation Reduction Act of 2022 and called on them to immediately pass this important bill to advance America’s leadership in the energy transition, foster domestic manufacturing, and provide much-needed certainty for the domestic clean energy industry. NEMA believes that this legislation is a crucial step towards reaching U.S. climate and electrification goals. The bill includes a groundbreaking slate of climate and clean energy investments including tax credits for domestic renewables manufacturing, support for electric vehicles and incentives to help utilities and consumers transition to cleaner energy. We call on Congress to work quickly to pass this legislation into law. Our members are poised to invest billions in domestic manufacturing capabilities to facilitate the energy transition, and this legislation will make those investments a lasting reality,” said Debra Philips, NEMA President and CEO.

Read full statement here

Business Forward: “The Inflation Reduction Act (IRA) is a hard-earned and well-crafted package that will fight inflation, lower health care costs, improve our energy security, and tackle the climate crisis, all while reducing the budget deficit by $300 billion. The IRA includes $370 billion to promote domestic energy production and deployment of clean technologies. If passed into law, the bill will bring good jobs and investments to communities which have long been locked out of our energy economy. It will help us catch up to our global competitors and drive economic opportunities for small businesses in America’s power sector for years to come. To fund investments, the IRA raises $470 billion by closing tax loopholes for America’s wealthiest households and corporations. It raises another $320 billion by allowing Medicare to negotiate lower costs for prescription drugs. The agreement also makes health insurance cheaper for millions, which helps small business owners afford coverage for both their employees and themselves. I encourage Congress to strengthen our small business economy by bringing the IRA to the floor as soon as possible.” said Liz Fairchild, Executive Director, Business Forward.

Read full statement here

Outdoor Recreation Roundtable: “Outdoor Recreation Roundtable supports the Biden Administration’s Inflation Reduction Act and released the following statement lauding the Act: “There is so much good for outdoor recreation and the $689 billion outdoor recreation economy in the Inflation Reduction Act, including funding for hazardous fuels reduction so our forests stay healthy and accessible; more investment in public lands conservation and restoration; funding for our cities’ green spaces through urban tree reforestation; and support for disadvantaged communities to address the impacts of climate change,” said Jessica Turner, president of Outdoor Recreation Roundtable (ORR). “The Inflation Reduction Act is precisely the type of forward looking, problem solving, and community building legislation that will bolster recreation economies.’’

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