The economic landscape for Black women is fraught with challenges stemming from historical oppression and ongoing systemic barriers. Yet, despite these obstacles, Black women have consistently shown remarkable resilience and leadership, advocating for their economic security and forging a path toward liberation through financial independence.
Historically, Black women have been expected to prioritize the care of others over their own needs, but as Black women continue to regroup, refocus, and recharge in the aftermath of the election, one thing is evident: the era of solely supporting others is fading. They are now more determined than ever to invest in themselves—whether by leaping into entrepreneurship, launching their own businesses, stepping into leadership roles, or uplifting fellow Black women in their endeavors.
This new discourse of Black women’s economic empowerment is timely and essential: As the Combahee River Collective said back in the 1970s, “If Black women were free, it would mean that everyone else would have to be free since our freedom would necessitate the destruction of all the systems of oppression.”
In other words, Black women’s economic empowerment is the foundation for broad societal progress.
Rising to the Challenge
Black women have long been marginalized in economic contexts. Historically, their labor was undervalued, and this legacy persists in modern wage gaps and employment discrimination. Today, Black women still earn significantly less than their white male counterparts, a disparity exacerbated by intersecting biases of race and gender. This systemic inequity is all too familiar to many Black women, including a close friend of mine who, despite her impressive qualifications, struggled to secure employment at an economically respectable compensation to sustain her and her family for over a year. The biases she faced are reflective of a market that often dismisses the contributions of Black women, impacting their financial stability and self-worth.
Yet, amidst these challenges, Black women have consistently emerged as leaders. They are at the forefront of advocating for economic justice, challenging the status quo, and creating pathways for empowerment within their communities. Their leadership is crucial, as they bring an intersectional perspective necessary for addressing the nuances of race, gender, and class in economic policies. This was evident when a close family friend, after years in corporate America, took the bold step of starting her own hair care business. Her entrepreneurial spirit shone, yet she faced significant barriers to accessing the funding and resources needed to sustain her business. Her story is not unique; it mirrors the broader struggles of Black women entrepreneurs who navigate a financial system stacked against them despite their dedication.
The intersectionality of race, gender, and class further complicates Black women’s economic security. Policies and practices must be tailored to address these unique challenges. Black women’s voices must be amplified in financial discussions and decision-making processes. These discussions should recognize and prioritize Black women’s lived experiences. By doing so, we ensure that solutions for economic equity are inclusive and effective.
When We Invest in Black Women…
There are already inspiring examples of initiatives led by Black women making significant strides in economic justice. One such initiative is the Fearless Fund, which funds critical venture capital to businesses led by women of color, challenging systemic exclusion. Despite facing litigation aimed at hindering their progress, the fund exemplifies the strength of collective action and community support.
Another noteworthy venture fund advocating for Black women entrepreneurs is Black Girl Ventures (BGV). BGV is dedicated to closing the funding gap for minority women founders by offering access to capital through innovative pitch competitions. These competitions provide financial support and cultivate a nurturing community where Black women can share their experiences, challenges, and successes.
Backstage Capital is another significant player in this movement. It focuses on investing in underrepresented founders who are often overlooked by traditional venture capital. By allocating a considerable portion of its funds to entrepreneurs who are people of color, women, and members of the LGBTQ+ community, Backstage Capital is dismantling barriers and fostering a more inclusive entrepreneurial ecosystem.
These initiatives underscore a solid commitment to combating inequity and supporting resilient Black women visionaries who drive innovation and change. Ultimately, empowering Black women economically enriches their lives and benefits society as a whole.
… We All Reap the Rewards
The time for action is now. We must actively support and invest in Black women’s leadership by promoting equitable pay and access to capital. We must recognize and value the significant contributions of Black women to our economy. This isn’t merely a matter of fairness; it’s a sound economic strategy. As the Combahee River Collective told us: Economic justice for Black women is not a niche concern—it’s fundamental to the foundation of a just society.
Black women’s leadership in achieving economic security represents a crucial step toward broader liberation. Recognizing, honoring, and supporting their steadfast quest for equity and justice is essential. When Black women thrive, we all reap the rewards.