The resolution designates August of each year as Black Business Month in New Jersey, recognizing the vital role that Black-owned businesses play in the state's economy. It highlights that Black-owned businesses represent approximately 10 percent of all businesses in the U.S., with a significant portion being female-owned. Despite their rapid growth over the past decade, the percentage of Black-owned businesses remains lower than the proportion of Black Americans in the population. The resolution emphasizes that increasing the number of Black-owned businesses can enhance economic freedom for Black Americans and benefit the broader economy, particularly in light of the economic challenges exacerbated by the COVID-19 pandemic.

The resolution calls for the Governor to issue an annual proclamation recognizing August as Black Business Month and encourages educational and cultural institutions to observe the month with relevant activities. This observance aims to raise awareness of the challenges faced by Black business owners and to promote initiatives that support their success. By focusing on the importance of Black-owned businesses, the resolution seeks to address economic disparities and foster a more equitable business environment in New Jersey.