By Shaundell Newsome
The National Negro Business League (NNBL) was formed in Boston, Massachusetts in 1900 by Booker T. Washington with the support of Scottish-American steel industry tycoon Andrew Carnegie, one of the richest men in the world at the time. The NNBL promoted business and economic development within the African American community as an avenue to equality. Today, the Urban Chamber of Commerce Las Vegas is based on the same principle.
While Black businesses have thrived through adversity and intentional systemic racist practices, the same problem exists one hundred and twenty-two years later; access to loans, insurance, and other services in major financial institutions. Many news stories, including a New York Times article in April 2021, Minority Entrepreneurs Struggled to Get Small-Business Relief Loans, featuring myself and other minority entrepreneurs, tell the story about how financial institutions repeatedly failed Black and other minority owned firms. To expedite funds to businesses during the start of the global pandemic, the U.S. Government relied on banks to facilitate and distribute Paycheck Protection Program (PPP) loans. Once again, the nation’s most vulnerable and impacted companies, Black owned businesses being the worst amongst all, did not immediately get relief. This put a spotlight on the century old issue originally highlighted by the NNBL. Today, the U.S. Black Chamber, Urban Chamber Las Vegas and several organizations continue to fight for equality in economic development and equity in access to capital for Black owned businesses. 
Black businesses need to elevate the discussion about economic equity, better access to loans and intentional capital investments in Black companies. Black owned businesses are undercapitalized, which directly impacts its ability to hire employees, purchase equipment or expand the company in a manner that creates sustainability and succession. Generational or legacy businesses are not common in the Black community. Why? The Black community has been convinced that social programs are the way out. Booker T. Washington and the NNBL had it right then and the Urban Chamber of Commerce Las Vegas has it right now. We must build businesses to build our community. It starts with Black businesses getting access to capital.
