How Black business owners are capitalizing on TikTok

Closing Bell

How Black Business Owners Are Capitalizing on TikTok

Tiktok is honoring black visionary voices who have made a mark on their platform. And the list ranges from entertainment talent to influencers, to small business owners. And one in particular is highlighting the challenges black people face when starting their own companies and how she overcame it with a positive attitude. So Summer Lucille had a dream to create a place where people like her who love fashion, could find outfits to wear no matter what their size was. So she opened her store, juicy body goddess in 2011 with that mission in mind, take a listen. Being unable to find fashion to make us feel good, make us feel like we're not wanted, make us feel like our bodies are wrong and that has been for generations been an impact on women's mental state. So I think it's important for women to be represented plus size women to be represented in all lights in, in fashion. But it's challenging starting a small business at the best of times add to the fact that black-owned businesses are 20% less likely to get a loan from a large bank than ones owned by their white counterparts. That's according to Mackenzie, take a listen to her challenges, a black owned business. Uh, we do have those, we have so many layers, so many layers, but those are the top two that kind of getting financial backing. Then on the other side, getting um, being able to tell the public to, to allow you to uh, do business with them and, and stereotypes that kind of hangover being black. Now, Lucille said that companies like hers often have more to prove before they can be seen on equal footing and it's true. So there was a study by the Federal Reserve Bank of new york and it showed that black Atlanta next businesses that were at low risk of credit default were approved for full financing at the same rate as white owned businesses with medium or even high risk credit issues. And black and latino companies also half as likely to be approved for non emergency funding. But the best way to get your business out there is marketing and it's not always something that people have the funds to do properly. So Lucille always felt that if she was given a chance and a megaphone, she could have people see her vision. Her boyfriend suggested she tried Tiktok and although she told me she doesn't dance, she decided to put her body positivity brand out there. I was able to get a warehouse, it's just like, it just allowed me to be myself and be able to express. And they gave me the platform, just the audience to be able to see me. That's all I ask. I don't want nobody to give me anything. Just give me the audience and the platform to have my voice heard and let my business be shown and I'll take care of the rest and that's what Tiktok did for me, it changed my life and it changed my life forever. Um, I am forever grateful. It's just every time I think about I get very emotional now. Not only did she gain 1.2 million followers on her vision on the platform, it also gave her the publicity to be on programs like this Day show and just give her national attention. Her business grew large enough to support online orders. And as she mentioned, she even was able to get a warehouse and she was honored as a 2023 black Tiktok visionary voice, which is bringing even more attention to juicy body goddess. So she said not every person online is a fan, but she's always gray for the outpouring of support from her community, which she calls a sisterhood. And they often call out the disrespectful commenters keeping everything positive there. Now, Lucille pointed out, you don't need to buy from her to support her all her and other black entrepreneurs on social media ask is that you share their post if you see something you like or maybe add a comment if you agree. But if you have a few extra dollars, maybe spend it on a black owned businesses on a black owned business because there's many ways to be an ally