March 1 marks the end of Black History Month, but at Energize Colorado, we believe that our learning, exploration, and celebrations of Black culture should continue all year long.
Black entrepreneurs have made an indelible impact on the small business landscape across our country. Faced with the most extreme barriers to market entry, their resilience has sustained their businesses through fluctuations in economic conditions. Their ingenuity, resourcefulness, and service in building up and supporting their local communities serve as an example for all.
Why shop black-owned businesses?
Buying from Black-owned businesses means your money directly supports small business owners and dedicated entrepreneurs in your community. These are thep eople who work hard each day to pursue their own dreams, employ other local residents, and put their profits back into that same community to make it better for everyone.
In Colorado, many Black-owned businesses are classified as microbusinesses, a type of small business that employs fewer than ten people and earns less than $250,000 annually. Recent reports published by the Brookings Institution found that microbusinesses flourished despite the challenges presented by the pandemic.
- According to Venture Forward, a multiyear research program from GoDaddy to quantify this entrepreneurial activity, Americans created 2.8 million more online microbusinesses in 2020 than in 2019.
- Microbusinesses started by Black owners jumped from 15% to 26% of all new microbusinesses.
- Similarly, women-owned businesses surged to 57% of new microbusiness starts, up from 48%.
- Adding one microbusiness per 100 people adds $485 to household income.
- 55% of microbusinesses started in 2020 or later needed less than $5,000 to start.
Where can you start?
There are over 150,000 BIPOC-owned small businesses in Colorado today. Energize Colorado works directly with Black-owned businesses to improve access to capital, business advising and training opportunities, and connections to ecosystem partners that will help them thrive. As we continue to celebrate Black entrepreneurship all year long, please consider visiting these businesses who are part of the Energize Colorado community:
- Bodies by Perseverance
- Urban Sanctuary
- The Whittier Cafe
- Just Chill
- Melody Market
- Coffee at the Point
To learn more about Energize Colorado’s BIPOC business support, visit https://energizecolorado.com/bipoc-owned-businesses/ .