According to the SBA, Black-owned businesses generate more than $217 billion in sales each year and employ over 1.2 million people. But while Black Americans make up more than 14% of the U.S. population, Pew Research reported that Black-owned businesses made up only about 3% of all U.S. firms that were classifiable by the race and ethnicity of their owners in 2021.

Cambridge Savings Bank strives to promote economic growth of Black-owned businesses through education, advocacy, membership, and networking. We encourage you to support these local businesses all year, register for free Black Business Month events, and share educational resources with local business owners and aspiring entrepreneurs.