August is Black Business Month

Celebrating the Entrepreneurial Spirit of Black Business Owners

In 2004, two Black executives from San Francisco created Black Business Month to acknowledge the contributions of Black-owned businesses across the United States. 2024 marks the 20th anniversary of Black Business Month, and we proudly continue the Synovus tradition of celebrating the significant influence of Black-owned businesses again this year.

We're honored to partner with business owners to help them reach their financial goals and full potential. The community of Black business owners and entrepreneurs has a tangible and immense impact on the economy, providing employment opportunities and innovation that strengthens our communities. Join us as we recognize the importance of Black business owners by highlighting the size and scope of Black business and the formidable contributions made to the economy and our community.

Making a Difference Within Our Markets

While the number of Black-owned businesses continues to grow nationwide, the southeast has enjoyed a larger proportion of that growth. Georgia, for example, is tied for the second-highest rate of Black-owned businesses, with Florida having the most Black-owned businesses of any state, at 461,000. To say our footprint is uniquely poised for growth for Black business owners is an understatement.

Synovus is committed to helping local business owners reach their full potential. We do this through corporate donations and community support. This year, we invested more than $1 million to support underrepresented entrepreneurs. Our support to Sabre Finance and Access to Capital for Entrepreneurs (ACE) provides access to funding and education for ethnically and racially diverse business owners, ultimately strengthening the communities where we work, live, and play.

We encourage youth entrepreneurship. That's why we partner with Upward Bound and historically Black colleges and universities to present the Youth Entrepreneurship at Synovus program (YES) program. It teaches high school students the value of credit, how to create business plans and how to successfully pitch business ideas. After completion of the five-day program, each participant receives a graduation certificate and gift card. Synovus also presents a donation to each Upward Bound program, ensuring the continued support of local students as they prepare for higher education.

Notable Facts and Figures

• Latest data shows Black-owned firms’ gross revenue jumped 43% to an estimated $183 billion.
• Black-owned businesses provided income for approximately 1.4 million workers with estimated payrolls at $53 billion.
• The rate of business ownership for Black women is growing rapidly, increasing by 18% in the last reporting cycle, outpacing women-owned businesses (9%) and Black-owned businesses (14%).
• 60% of surveyed Americans say they prioritize or want to prioritize supporting Black-owned businesses.
• 16% of Black business owners function as an owner-operator, meaning they're the sole employee and maintain day-to-day operations of their business.

Why Education and Support Matters

By many metrics, Black-owned businesses in the U.S. are thriving, and we want to help black entrepreneurs continue to succeed. Beyond our financial investments in the community, one of the most valuable things we provide is educational resources. Financial education is specifically tailored to help business owners of all sizes navigate market trends and economic headwinds and plan for a promising future. If you’re looking to start a business or already own one, visit our Business Resource Center to access insights and tools that can help grow, manage, and protect your business.

Get Free Resources: https://www.synovus.com/business/resource-center/

Black-Owned Businesses by the Numbers

Black business owners make tangible contributions every day to our local economy, providing millions of jobs each year and creating opportunity for others. Whether it’s in the services provided or the income their jobs supply to families around the U.S., the contributions of Black businesses are measurable and impressive. Here’s a quick look at the numbers: