Celebrating Black Business Month: Honoring Entrepreneurship and Economic Empowerment

August is dedicated to celebrating and recognizing the achievements, contributions, and resilience of Black-owned businesses. In 2020, there were an estimated 140,918 U.S. firms with majority Black or African American ownership, up 14% from 124,004 in 2017. Black Business Month provides an opportunity to honor the entrepreneurial spirit and economic empowerment within the Black community.

At Lyceum Insurance Services, we’re proud to support and uplift Black businesses as they play a vital role in driving innovation, growth, and diversity in our economy. One of our many dynamic, friendly competitors in the insurance industry, North Carolina Mutual, is actually both the oldest and largest Black-owned insurance company in the world!

Supporting Black-owned businesses is a tangible way to contribute to economic equity and social justice. Did you know that most small business owners reported experiencing financial hardship during the pandemic, but the highest rate was reported by Black business owners? It’s a staggering 92%! Whether it’s purchasing products, seeking professional services, or collaborating on business ventures, actively supporting Black entrepreneurs strengthens communities and fosters a more diverse business landscape.

At Lyceum, we have the privilege of servicing one such business as one of our very own clients! Based in Washington D.C., Smile Therapy Services is an outstanding Black-owned business focused on providing therapy and quality mental health services for those who need it most. Founded by Christi Venable, a dynamic and innovative woman of color, Smile Therapy Services now serves individuals, school systems, and fortune 500 organizations alike. Top clients include Microsoft, Aetna, DC Government, American Kidney Fund, Georgetown University Hospital and DC Public as well as Charter Schools.

Christi worked tirelessly to build the company from the ground up, turning it into a multi-million dollar organization making a difference in the lives of countless people every year. We’re proud to stand with them and empower them to continue on their path of success and growth.

Christi can be reached at [email protected] and found on LinkedIn here.

To learn more about how Lyceum Insurance can support your business, call us today at (301) 840-6624 or visit our website at www.lyceumins.com. Our team of specialists is on hand and ready to show you how to take the first step toward engaging and empowering your workforce, today.

Sources:

https://www.pewresearch.org/short-reads/2023/02/21/a-look-at-black-owned-businesses-in-the-u-s/

https://www.brookings.edu/articles/black-owned-businesses-in-u-s-cities-the-challenges-solutions-and-opportunities-for-prosperity/#:~:text=Most%20small%20business%20owners%20reported,%25%20of%20white%2Downed%20firms.

https://www.ncpedia.org/north-carolina-mutual-life-insuranc#:~:text=North%20Carolina%20Mutual%20proclaimed%20itself,insurance%20business%20in%20the%20world.

https://exhibits.library.duke.edu/exhibits/show/soul_service/intro#:~:text=The%20North%20Carolina%20Mutual%20Life%20Insurance%20Company%20was%20founded%20in,company%20in%20the%20United%20States.