Project 2030: Economic Empowerment Strategies for Building Lasting Wealth
- Sean T. Long
- Oct 5
- 4 min read
Project 2030: The Black Agenda outlines six pillars designed to close racial inequities by the year 2030. Over the next six weeks this blog series will explore each pillar. We begin with Economic Empowerment, because financial strength underpins every other goal – from educational achievement to health and political participation. A thriving economy is not a zero‑sum game; when Black communities prosper, the entire nation benefits.
Why Economic Empowerment Matters
Black entrepreneurship and investment have accelerated in recent years, yet the racial wealth gap remains wide. According to the EPOP Black Business Ownership Fact Sheet, there are roughly 5 million Black entrepreneurs, representing 14.5 % of all business owners . These businesses create over 1.3 million jobs and contribute more than $207 billion in annual sales to the U.S. economy, with revenues increasing 43 % since 2012 . More recent figures from the Pew Research Center show that, among classifiable U.S. firms, there were 194 585 majority Black‑owned companies in 2022—up from 124 004 in 2017—while their gross revenue climbed 66 %, from $127.9 billion in 2017 to $211.8 billion in 2022 . These firms employed about 1.6 million workers and paid $61.2 billion in annual payroll .
Even with this growth, Black‑owned businesses still make up only 3 % of all U.S. firms and account for 1 % of revenue. Systemic factors like restricted access to capital and persistent pay gaps constrain wealth building. A 2024 fact sheet from the Institute for Women’s Policy Research found that Black women earned just 66.5 cents for every dollar White men earned, or 69.1 cents for full‑time year‑round workers . At current rates of progress, pay equity for Black women would not arrive until the year 2227 . Such disparities underscore why economic empowerment is both urgent and foundational.
Snapshot of Black business impact
Practical Strategies for Economic Empowerment
Economic empowerment demands both personal choices and structural change. Below are data‑driven, actionable strategies that individuals and communities can adopt:
1. Invest in Black‑owned businesses
Shop intentionally. Identify Black‑owned restaurants, retailers and service providers in your community. Even modest everyday purchases can help businesses scale.
Use your investment dollars. Consider diverting a portion of your investment portfolio to funds that target Black‑led startups or cooperative enterprises. Community Development Financial Institutions (CDFIs) often support entrepreneurs who face traditional lending barriers; seeking them out helps fill the financing gap that leaves Black‑owned firms facing credit denial rates nearly twice that of white‑owned firms (41 % vs. 18 %) .
Support crowdfunding campaigns. Platforms like Kiva and WeFunder host many Black‑owned ventures. A small investment can provide working capital that banks often withhold.
2. Advocate for pay equity and fair wages
Educate yourself on wage disparities. Nationally, Black women still earn only 66.5 cents per dollar paid to White men . The projected timeline to close this gap—over 200 years —is unacceptable.
Push for transparency. Encourage employers to conduct pay audits and publish salary ranges. Transparent pay practices reduce discrimination and help narrow wage gaps.
Support labor organizing. Unionization narrows racial and gender wage gaps by standardizing pay and providing workers with collective bargaining power. Policy reforms such as paid family leave and increased minimum wages also disproportionately benefit Black women, who are more likely to hold low‑wage jobs .
3. Build collective wealth
Join a cooperative or investment club. Pooling resources enables community members to purchase real estate, invest in startups or develop mutual aid funds. Collective ownership spreads risk and amplifies returns.
Participate in financial literacy programs. Understanding credit, investing and budgeting empowers individuals to make informed decisions. Look for programs offered by Black chambers of commerce, churches and non‑profits.
Mentor and network. Experienced professionals can mentor new entrepreneurs, while consumers can recommend Black‑owned businesses within their networks. According to the EPOP survey, Black employers are more likely to offer health benefits and profit‑sharing than other employers —a testament to how reinvestment in workers can strengthen communities.
Inspiration Through Community
Below are images capturing the spirit of economic empowerment. They depict ordinary people—business owners, professionals and families—who embody growth, resilience and community.
A coffee‑shop owner embodies confidence and independence.
Collaborating on data and strategy, these professionals illustrate how cooperation drives growth.
Building wealth is often a family affair; planning together strengthens financial security.
A Call to Action
Economic empowerment will not occur by accident. It requires deliberate action from individuals, communities, businesses and policy makers. Begin this week by spending at least part of your grocery, dining or service budget at a Black‑owned business. Ask your employer about pay‑equity audits, and consider joining or supporting a union campaign. Explore investments in CDFIs or Black‑led funds. Finally, share this post and discuss the Economic Empowerment pillar with friends and family. Collective action today can shorten the centuries‑long timeline to equity and build a more prosperous future for everyone. Get Project 2030: The Agenda For Black America Today on Amazon
Comments