In our spotlight on business report tonight, August is recognized as National Black Business Month.

Established in 2004, the month shines a spotlight on the economic and cultural impact black entrepreneurs and black-owned businesses have had in communities across the country.

Joining me now is John Harmon, founder, president and CEO of the African American Chamber of Commerce of New Jersey.

He joins me to talk about the progress made, the challenges ahead, and how we can all play a role in strengthening black-owned businesses across the state.

John, thanks for joining me.

You know, it's my pleasure to be here.

And I really appreciate, Raven, you extending an opportunity for us to chat today.

In your opening reference Black Business Month, and I'm pleased to know the founders of Black Business Month, Fred Jordan and John Templeton, two amazing gentlemen I know from the Bay Area who thought fit to really stand up Black Business Month as something that we should all recognize.

Well, I love that intro.

I want to put a pin in that.

How would you describe the current state of black-owned businesses?

And are some of the current economic conditions impacting black-owned businesses here?

The short answer is, you know, it's a little complicated.

On one hand, recent census data shows that black businesses have grown exponentially coming out of the pandemic.

This is based on the 2022 census that puts us today about 124,000 black businesses in New Jersey.

But they're largely sole proprietorships.

They're not really a part of the economy where they can grow and scale their enterprises.

So that's an opportunity for the state of New Jersey.

So that opportunity, if it's met with intentionality and a significant degree of reciprocity, it can lead to a more competitive state.

So black businesses are in need of significant participation in the state's economy.

So John, you spoke about the needs.

What are some of the biggest barriers black entrepreneurs face when it comes to starting or growing their businesses?

No, I think that's a great question.

Capital is always an issue.

Access to opportunity is in greater need more so than access to capital, because if you have contract opportunities, you can tend to find the capital.

And black businesses, as demonstrated through the state's disparity study, are not getting an equitable share of public contract opportunities, notwithstanding our participation in the tax system in the state.

We don't have a deficiency of businesses that can participate in the economy.

They're just lacking access to the opportunities, being invited.

So that speaks to this current environment.

Given the federal government is pulling back on MBE programs, minority businesses, minority business enterprises and women business enterprises, as well as disadvantaged business enterprises as programs to give entree to federal contracting, that's a problem, particularly for our businesses.

Well, it seems like there's no lack of talent.

But when you think about corporations, right, and policymakers, what can they do better, John, to support black-owned businesses?

Great question.

It's all about a couple of things, intentionality and reciprocity, right?

If we can deliver the value that's going to have an impact on your bottom line of your corporation or large business, we should be afforded an opportunity to compete.

So they have to be intentional about it, partner with the African-American Chamber of Commerce, and be willing to have a reciprocal relationship based on a value imperative that would derive mutual benefits.

Well, we are in an election year.

Has either gubernatorial candidate proposed policies to strengthen black-owned businesses in the state?

Or what would you like to see, John, done in the next administration?

So, Raven, a fantastic question.

I'll give you both sides of that.

We have had extensive conversations with both candidates.

And so I'm pleased and thankful for that.

However, given that blacks have voted 90 percent for the Democratic Party consistently over a number of years, I personally, as a registered Democrat, but as an organization that speaks to both parties from a bipartisan basis, I would expect the Democratic Party to be a lot more forthright and intentional about how they're going to mitigate the systemic challenges in terms of specific black agenda initiatives.

And we haven't seen that.

We have seen overtures, which are pointing in the right direction, which is encouraging.

But, Dave, we need to see your cards.

This election could be transformational for the next administration, as well as for the black community.

John Harmon, thanks for joining me.

Raven, thank you so much for the opportunity.

Support for The Business Report is provided by the Newark Alliance Presents the 2025 Halsey Fest, featuring the vibrancy of Newark's Arts and Education District and Halsey Street.

Halsey, a neighborhood built on hustle and heart.

The 2025 Halsey Fest schedule is available at halseynwk.com.

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