We all know that inflation is affecting our household budgets, but inflation is hitting Black Americans harder than other Americans.
“The serious problem of inflation is impacting Black families more than many other Americans. Millions of minority households across the nation are facing distinct, serious financial problems during this period, including many who are being threatened with eviction and face unsafe conditions in their neighborhoods, with few options to help,” said Harvard professor Robert J. Blendon, co-director of a recent NPR/Robert Wood Johnson Foundation/Harvard T.H. Chan School of Public Health poll that shows that Black Americans are substantially more likely than whites to report they are currently having serious financial problems dealing with inflation.
Not only is inflation hurting Black households, but also Black-owned businesses. In a poll conducted by the dating app BLK, 60 percent of Black businesses said they have been forced to raise their prices to remain profitable.
To help Black businesses deal with inflation, BLK has partnered with popular Black community collective The Gathering Spot to launch the “Break the Bank” initiative. The initiative will offer financial literacy services to BLK users during National Black Business Month, the month of August.
“This effort is about being even more intentional,” said Ryan Wilson, a co-founder and the CEO of The Gathering Spot. “The power of the Black dollar is over $1.6 trillion per year, and our work this summer is about highlighting what happens when we concentrate our spending. This is about recirculating our dollar and harnessing it to help businesses start and scale. This is a summer focused on impact.”
There will also be a contest in which 40 users will receive gift cards worth $250 each to fund dates at Black-owned businesses, a total of $10,000. The Gathering Spot is offering users an opportunity to be reimbursed when they spend at Black-owned establishments with its #BlackSummerSpend plan.
To receive the funds, BLK users will have to submit original videos explaining in creative ways why they need the money and how they would use their winnings for their dates.
“Our ‘Break the Bank’ initiative will not only allow us to bring people together to build meaningful connections, but it also gives us an opportunity to support Black-owned businesses in our community. It’s truly a win-win situation,” explained Jonathan Kirkland, BLK’s head of brand and marketing, said in a press statement.
Also, throughout August, Black-owned businesses will be highlighted on BLK social media pages.