Designates August of each year as "Black Business Month" in New Jersey.

SJR113

SENATE JOINT RESOLUTION

No. 113

STATE OF NEW JERSEY

222nd LEGISLATURE

�

INTRODUCED MARCH 12, 2026

Sponsored by:

Senator� ANGELA V. MCKNIGHT

District 31 (Hudson)

SYNOPSIS

���� Designates August of each year as �Black Business
Month� in New Jersey.

CURRENT VERSION OF TEXT

���� As introduced.

��

A Joint
Resolution
designating August of each year
as �Black Business Month� in New Jersey.

Whereas,

Black-owned businesses are an essential part of New Jersey�s economy, and it is
in the best interests of the State that Black-owned businesses in New Jersey
thrive; and

Whereas,

Roughly 10 percent of American businesses are owned by Black Americans and more
than half of all Black business owners are female, a higher percentage than any
other demographic; and

Whereas,

During the past decade, the number of Black-owned businesses has been growing
at a faster rate than overall business growth in the United States; and

Whereas,

Despite rapid growth, the percentage of businesses owned by Black Americans is
still substantially lower than the percentage of Black Americans in the general
population; and

Whereas,

An increase in the proportion of Black-owned businesses would be beneficial to
the Black community and the overall economy by improving economic freedom for
Black Americans; and

Whereas,

The Black community faces many economic disadvantages, such as higher
unemployment rates, lower home ownership rates, and less accumulated wealth,
which can be mitigated by the success of Black-owned businesses; and

Whereas,

The COVID-19 pandemic has disproportionately affected Black business owners,
forcing twice as many to close their businesses as white business owners; and

Whereas,

While the COVID-19 pandemic has necessitated government support for the entire
business community in New Jersey, greater closures among Black-owned businesses
have exacerbated the economic disadvantages already faced by Black Americans, and
Black business owners would benefit from increased awareness of actions that
would aid economic recovery and promote the long term success of Black-owned
businesses; and

Whereas,

�Black Business Month� has been observed nationally since August 2004, when it
was established by historian John William Templeton and engineer Frederick E.
Jordan Sr.; and

Whereas,

The goal of �Black Business Month�, as established by Mr. Templeton and Mr.
Jordan, is to influence the policy agenda affecting Black-owned businesses,
support Black business owners, and promote greater economic freedom for Black
Americans; and

Whereas,

The observance of �Black Business Month� in August of each year provides
government officials, community leaders, and business leaders with an
opportunity to reflect on the importance of Black-owned businesses and focus on
ways to support Black business owners in the State of New Jersey; now,
therefore,

����
Be It
Resolved
by the Senate and General Assembly of
the State of New Jersey:

���� 1.� The month of August of
each year shall be designated as �Black Business Month� in the State of New
Jersey to promote the success of Black-owned businesses in the State.

���� 2.� The Governor is
respectfully requested to annually issue a proclamation recognizing August as
�Black Business Month� in New Jersey and calling upon institutions of learning
and culture to observe the month with appropriate activities and programs.

���� 3.� This joint resolution
shall take effect immediately.

STATEMENT

����� This joint resolution designates the month of August
of each year as �Black Business Month� in support of Black-owned businesses in
the State of New Jersey.

����� Black-owned businesses are an essential part of New
Jersey�s economy.� According to the U.S. Census Bureau, Black-owned businesses
account for 10 percent of all businesses in the United States, or roughly 2
million companies.� More than half of all Black business owners are female, a
higher percentage than any other demographic.� Over the past several years, the
number of Black-owned businesses has been growing at a higher rate than overall
business growth in the United States.� Despite rapid growth, the percentage of
businesses owned by Black Americans is still substantially lower than the
percentage of Black Americans in the population of the United States. An
increase in the proportion of Black-owned businesses would promote greater
economic freedom for Black Americans and be beneficial to both the Black
community and the overall economy.

����� Black-owned businesses have been disproportionately
impaired by the COVID-19 pandemic, with 41 percent of Black-owned businesses
closing during the pandemic compared to 17 percent of white-owned businesses
and roughly one third of all small businesses.� These business closures have
exacerbated the economic disadvantages faced by Black Americans every day.�
Economic issues are interrelated, and by offering support to Black business
owners, New Jersey can work toward improving issues of unemployment, wealth accumulation,
and home ownership for Black residents.

����� �Black Business Month� was established nationally in
August 2004 by historian John William Templeton and engineer Frederick E.
Jordan Sr.� The objective of Mr. Templeton and Mr. Jordan was to influence the
policy agenda affecting Black-owned businesses, to support Black-owned
organizations, and to promote greater economic freedom for the Black
community.� The observance of �Black Business Month� each year provides an
opportunity for government officials, community leaders, and business leaders
to focus on ways to support Black business owners and help Black-owned
businesses thrive.