'Buying Black' during the holidays is a community investment
As consumers invest hours and hours of searching for the best deals on holiday gifts for their loved ones, black business owners are asking consumers to invest that same time and money with them.
'Buying black,' said black business owners, is an investment not just for the businesses, but the entire black community.
“Black business owners have their ear to the street. They pour into the communities in which they reside,” Eldredge E. Washington, co-founder of Spendefy, told NBC News. “They play a role in building the communities in which they reside. By supporting them the way we do, we help to empower them.”
Washington and his friend Antwon Davis, created Spendefy two years ago to help small black businesses achieve success by providing them with resources needed to be successful.
A lack of resources, said Washington, is at the core of what plagues most communities today, especially the black community.
“Nationwide there are more than 2.6 million black-owned businesses,” Davis told NBC News. “But eight out of 10 fail within the first year and a half because of a lack of exposure, a lack of capital, and a lack of business acumen.”
Read more at NBC News