Expanding the Legacy of Wealth — SBA Celebrates Black History Month

By Tameka Montgomery When I was younger, my mother started a side business selling household goods, like figurines, pictures and other small items. I’d help out occasionally, accompanying her to purchase merchandise, sell items and track revenue. She started this business as a way to gain financial independence and supplement her income. While my mother had aspirations of growing her business, she was unable to do so. Lack of funding, little understanding of how to grow a business and no mentor to help guide her along the way all proved to be insurmountable challenges. Nevertheless, I made some keen observations from my mother’s experience. I saw the pride and confidence she had when talking about her business. I also could see the potential that small business ownership could have to powerfully affect a person’s life and change a family’s destiny. As we recognize the contributions of the great people of color who have shaped our world during Black History Month, we’re also reminded of recent studies showing that the wealth gap between blacks and white Americans has nearly tripled over the past 25 years. Brandeis University’s Institute of Assets and Social Policy cites that “Over a 25-year period (1984-2009)…the total […]

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