Indianapolis business leaders talk about Black Business Month
INDIANAPOLIS (WISH) — Across Indianapolis, Black-owned businesses are thriving and contributing to the city’s economy while also fostering a sense of community.
Black Business Month is celebrated in August.
Black Onyx Management, an applied research firm and management consultancy, supports business development by building supplier diversity programs and donor vice funds to increase equity. The business has grown in just a few months.
President and CEO Marshawn Wolley said, “In December of 2023, we had about three employees. We’re up to about 20 employees at this time.”
Although excited about a 59% increase in Black business formation overall, Wolley is concerned Indianapolis was ranked 55 out of 85 metros in Black business formation.
“The state of Indiana was ranked 26th,” he said.
He says parody in the number of jobs Black businesses create and in the amount of revenue and money paid to employees would produce a huge economic impact.
“We’d be looking at a $52 billion economic impact in the central Indiana region and about 69,000 jobs,” Wolley said.
But Black Onyx Management isn’t alone in this mission. Business Equity for Indy, through Indy Chamber, works to foster inclusivity and create economic opportunities for Black business owners through workshops, mentoring programs, and access to capital to help over come barriers to success.
Christina Snorten, procurement program manager at Indy Chamber, said, “There is a pretty large gap in the Indy region, in relation to the population, but it’s actually on the rise.”
From 2017 to 2021, 302 new businesses were recorded to account for a 23% increase in ownership in the Black community.
“We see a huge boom in the construction industry. There is something going up on every corner it seems like. There’s a lot of opportunities in the construction trades, so there’s a lot of growth there as well,” Snorten said.
Business growth is prevalent in the life and biosciences trades as well.
The chamber encourages everyone to support Black-owned businesses, not just in August, but year-round to build a more inclusive and prosperous community for Indianapolis overall.
“We need more participation from the Black community and business ownership, as a means to wealth creation, stability and even legacy, passing down to family,” Snorten said.
The impact of supporting a Black business extends far beyond a single purchase. Snorten says it strengthens the entire community.