Phi Beta Sigma Fraternity, Inc.

Bigger and Better Business Announces Black Spend Initiative 2021 Totals

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WASHINGTON, DC (December 9, 2021) According to Neilson, a global leader in audience insights, data and analytics, Black spending power in 2020, was $1.57 trillion. Yet on average, consumer dollars only spend 6 hours circulating in the Black community, compared to 7-28 days in other communities.

Here’s another startling statistic. According to the House Small Business Committee, during the pandemic, between February and April of 2020, Black business ownership declined more than 40%. That’s the largest drop across any ethnic group.

Phi Beta Sigma Fraternity Inc. is poised to change those grim numbers. The fraternity has developed something called the Black Spend Initiative (BSI) – designed to support, sustain and potentially recover Black-owned businesses and to increase the amount of time consumer dollars circulate in Black communities.

As part of the effort, fraternity members purposely searched for opportunities to support Black plumbers, contractors, caterers, lawyers, insurance agents, and many other businesses and services.

Phi Beta Sigma is proud to announce, BSI $2.6 million has been captured and documented in the circulation of dollars spent with Black-owned businesses by the greatest Fraternity in the world!

Our International Bigger and Better Business Team has set a 2-year Black Spend Goal of $6 million dollars. The Fraternity is excited about how its members have galvanized around these efforts to support local businesses and create change.

“This initiative gives local chapters across the country the opportunity to be the boots on the ground,” said Bro. Michael Harvey, BSI creator.  “Our members get to experience how our international commitment to improving the communities we serve can blossom by their efforts in their hometowns.”

This is an aggressive effort as part of the fraternity’s Bigger and Better Business initiative (BBB). BBB became the first national program of the Fraternity. It was first introduced at the Tenth Anniversary Conclave, in Philadelphia, Pennsylvania (December 1924).

When BBB was adopted as a national program, special emphasis was placed on encouraging and promoting Black businesses. At its inception, the program sought to improve their business acumen, efficiency and service to the public, in order to be competitive with other businesses.

BSI is not a one-time effort. Phi Beta Sigma has set an aggressive 2-year goal for 2022-2023 to increase the power of the Black dollar.