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At a time when questions around equity and access are once again at the forefront, the Greensboro Business League’s 4th annual African American Economic Summit brought together business leaders, policymakers and advocates to confront the challenges and opportunities shaping Black-owned businesses in today’s economy.
Held on April 23 at the International Civil Rights Center and Museum, the summit, titled “The State of Black Business,” focused on practical strategies to strengthen Black entrepreneurship across the region. Speakers addressed long-standing barriers, including access to capital, limited networks and challenges in scaling businesses, while also offering solutions rooted in history, policy and community investment.
Henry C. McKoy Jr., president and CEO of Carolina Community Impact, opened the summit by grounding the conversation in history, describing Black entrepreneurship as a legacy built on resilience and necessity in the face of systemic exclusion.
“Our ancestors survived kidnapping, the Middle Passage, slavery, racial terrorism, Jim Crow, redlining, and state-sanctioned violence,” McKoy said. “They survived because they understood something that many of us have forgotten — survival requires strategy. And progress requires intention.”
McKoy emphasized that many of today’s challenges facing Black-owned businesses are not new, but rather rooted in generations of inequity. He urged attendees to focus on strengthening business fundamentals while leveraging resources such as mission-driven financing and capacity-building support.
“Survival alone is not the goal anymore. We must inspire the next generation, not to just succeed individually, but to reinvest collectively, and to understand that the highest return is not personal luxury, but communal resilience,” he said.
Attorney Rodney K. Strong of Griffin & Strong, P.C., continued the conversation during a fireside chat moderated by WUNC’s Leoneda Inge, connecting today’s business landscape to the Civil Rights Movement. He explained that disparity studies are used to identify gaps in government contracting and first emerged after the Civil Rights Act of 1964 and Executive Order 11246, which aimed to expand economic opportunities for African Americans.
“You have to prove that there is a disparity between the availability and utilization of minority-owned businesses,” Strong said, describing the legal standard required to justify equity programs.
Strong pointed to Atlanta under Mayor Maynard Jackson as a turning point, noting the push for 25 percent Black participation in airport construction as a national model. Strong also pushed back on the idea that cities like Atlanta did not need such studies, reminding the audience that segregation, both social and economic, remained deeply entrenched. Yet despite progress, he noted that Black-owned businesses continued to historically receive, “less than one-tenth of one percent of city-owned business.”
Today, Strong said, disparity studies remain a critical tool nationwide, including in North Carolina, where his firm has conducted research for Greensboro, High Point and the state.
“One reason that we are crossing all these communities is that elected officials recognize that unless they allow opportunities for businesses that have previously been left out, those businesses will not thrive,” he said.
Strong also addressed current federal efforts to roll back equity-focused policies, including the repeal of Executive Order 11246 and challenges to diversity, equity and inclusion initiatives. However, he stressed that work in diversity, equity and inclusion continues across the country.
“Those people who have a commitment to making a difference are moving forward,” he said, noting that even communities in conservative areas are continuing equity efforts.
He encouraged Black business owners to remain engaged and take advantage of opportunities, including training and mentorship initiatives designed to help small firms compete for larger contracts.
“We’ve got to bring more into the space and flood the zone with folks who want these opportunities,” Strong said.
Closing on a note of urgency and optimism, Strong drew parallels between today’s challenges and those faced during the Civil Rights era.
“If we can go from not being able to buy a hamburger in a restaurant, to owning franchises in less than 10 years, I know we can do it again,” he said.
A second fireside chat during the summit featured Julian and Karrie Brittano of The Rook Hotel, adding a perspective from the hospitality sector. The couple discussed hotel development and highlighted the importance of Black ownership in creating pathways for economic growth and community investment.
The summit also included the Greensboro Business League recognizing leaders in the field. Chandra Cagle, owner of Paycare Program, received the Outstanding Financial Services and Support Award. Reginald D. McCaskill, founder of the Triad Minority and Women’s Business Expo, was honored with the Outstanding Achievement in Minority Business Development Award, and James H. Sills III, CEO of Mechanics and Farmers Bank, received the Excellence in Banking and Finance Award.
