HR0055 102ND GENERAL ASSEMBLY

HR0055 LRB102 10178 ECR 15501 r

HOUSE RESOLUTION

WHEREAS, African American communities have demonstrated a history of perseverance in the face of adversity, rising from chattel slavery to form thousands of successful businesses in the years after abolition; and

WHEREAS, White supremacy manifested through individual and institutional racism has historically targeted Black Americans and Black businesses through government policy and extrajudicial means, resulting in stolen land, destroyed property, the loss of capital, and the loss of life, eliminating wealth-building opportunities for Black businessmen and businesswomen and damaging the potential to pass wealth to future generations; and

WHEREAS, Black communities have continually responded to these setbacks with renewed vigor to fight not only for civil rights and political freedom but also economic empowerment, equity, and economic justice; and

WHEREAS, The spirit of entrepreneurship displayed by the freedmen and freedwomen in the wake of abolition has continued through African American communities today, leading to the existence of over two million Black-owned businesses in the United States; and

WHEREAS, The spirit of enterprise is demonstrated by African American business owners who create businesses to pursue their passions and manage their future, manifested through the two-thirds of African American-owned businesses operated by members of Generation X and millennials and the over one-third of African American-owned businesses operated by Black women, who are the fastest-growing segment of entrepreneurs in the United States; and

WHEREAS, Immense challenges still exist for African American entrepreneurs as they face a general lack of access to capital sources available to other groups, steering by financial institutions into less desirable capital sources, a nearly total lockout from venture capital, and unequal access to amounts of capital provided to other people in similar circumstances, and the COVID-19 pandemic has exacerbated challenges for Black-owned businesses; and

WHEREAS, With the same spirit of enterprise and entrepreneurship demonstrated throughout African American history, Black businesses will recover and will thrive in a post-pandemic world; therefore, be it

RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE HUNDRED SECOND GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that we declare August 2021 as Black Business Month in the State of Illinois; and be it further

RESOLVED, That we are committed to providing equal opportunity for Black entrepreneurs and African American-owned businesses and to the elimination of business redlining targeting Black American entrepreneurs, and we will dedicate ourselves to developing and implementing laws and policies to achieve these goals.