Support Black Pound Day, Today and Every First Saturday!
This blog is written by Guild Marketing Assistant – Mia Johnson and edited by Krissie Nicolson.
What is Black Pound Day?
In response to the Black Lives Matter movement, Black Pound Day was born to shine a light on the value and talent of black-owned businesses increasing their visibility and economic parity.
Black Pound Day is inspired by the Black Lives Matter movement following the murder of George Floyd. The idea was founded in June 2020 by Swiss World, a former member of So Solid Crew. The movement was created to generate awareness, provide exposure and spark growth within Black-owned companies. Black Pound Day takes place every first Saturday, ensuring that small Black businesses are not overlooked. In The Voice Swiss said of this movement:
“ When we have control of our economic agenda we can move from a position of power, we can make decisions from a position of power and achieve effective outcomes. Economic unity means we can effect change politically.” He went on to say; “It’s a day where we unify all cultures, not just Black, we utilise the emotional energy of recent months and turn that into an economic power.”
The effect of systemic racism on black businesses and how Black Pound Day works to overcomes this
Black Pound Day works towards the abolishment of systematic racism and racial injustice towards black business owners. A report from the US Federal Reserve states that over 50% of black-owned firms are rejected for business loans, double the rate compared to white-owned firms. The lack of funding given to black-owned businesses increases their chances of failure due to the inability to operate effectively.
The Colour of Money report from the Runnymede Trust highlights equally shocking levels of economic and racial inequality here in Britain where Black African and Bangladeshi households have 10 times less wealth than White British people. In Brick Lane alone curry restaurants have decreased by 62% in 15 years and the sharp drop in footfall due to the pandemic is crippling small businesses that were already fighting for survival.
In a joint survey conducted by Extended Ventures and Your Startup Your Story (YSYS) on the impact of COVID-19 on Black and ethnic minority businesses, 48% of respondents stated that they did not access or expect to qualify for any government support scheme.
Supporting Black Pound Day will help reduce the closure of black-owned businesses as a result of systemic racism. This is especially important in light of the coronavirus pandemic, this campaign will positively impact small black businesses who are in great need of the movement to keep their firms open. Statistics from the Black Pound Day website states that the first Black Pound Day generated an additional £61,940 in revenue.
In spite of lockdown round two, you can still participate in this movement online. If you are not aware of any small black businesses, below are the businesses who were due to trade at our Black Pound Day event at Old Spitalfields Market today as wells as the social media handles for the growing list of Black and ethnic minority members of the Guild.
Don’t forget to tag and share black-owned businesses on your social media and use the #blackpounday hashtag!
Exclusive Offer from Living Windows! 15% discount site-wide* for Black Pound Day Enter code: BPD15 at the checkout. *Offer excludes Planting Memberships. Offer valid from the 7/11/20 until 23:59 on 5/12/20.