It's the first day of Black History Month, and Cheddar News' very own Shannon LaNier stopped by Harlem to speak with Black New Yorkers about the importance of keeping dollars local.
The spending power of the Black community is set to reach $1.7 trillion by 2030, and some local entrepreneurs are trying to channel those funds directly to Black-owned businesses.
Sade Tyler, the owner of event space Studio 125 and Omo Sade Skincare, said her own business is designed to create a commercial space for local artists and entrepreneurs.
"If a new artist wants to show their wares, they can come into the studio," she said. "We really want to be part and parcel of the community."
The space is also available for private dinners and galleries.
Her advice for other prospective entrepreneurs?
"I would say not to doubt yourself and just go for it," she explained. "You can go ahead and go to university or you want to study business, but, getting to the practical, start your business, and reach out to the community, and you'll find that they will support you."
Indeed, the commonly shared statistic that a dollar only spends about six hours in the Black community before being spent somewhere else is actually something of a myth, according to a 2016 study from Howard University.