President’s Corner
Dear Reader, February marks the annual Black History Month recognition in the United States, celebrating the achievements, influences, and legacies of Black Americans. Supporting Black-owned businesses, this month, and all year-round, is an easy and effective way to show solidarity with Black entrepreneurs whose products and services deserve patronage. According to a Lending Tree survey, out of almost 70.000 businesses only 999 or 1.4% are Black owned in the Denver area. 80% of Black-owned businesses fail in their 12-19 months, and only 4% of Black-owned businesses make it past the start-up stage. Unsurprisingly, however, the COVID-19 pandemic has disproportionately hurt minority-owned businesses during the past four years, with 41% of Black-owned businesses closed. Historically, Black, and other minority Americans have struggled to secure financing for their business endeavors. Recent initiatives to elevate Black-owned businesses through lending institutions seek to rectify the systemic wealth discrepancies and racial bias that have negatively impacted Black communities and entrepreneurs. Indeed, following the Black Lives Matter protests of 2020, many see supporting Black=owned businesses as a means of combating racial injustice. Supporting Black business owners not only acknowledges the wealth gap by creating a path for establishing sustained, multi-generational wealth in the Black community, it also celebrates Black culture by sustaining products and services that are culturally relevant and appropriate. Please read our article on Jazz Roots in Five Points. Of course, the persistent wealth gap between white people and Black people in America is the result of centuries of discriminatory attitudes and Celebrate Black History Month by Supporting Black- owned Businesses!
practices, not just consumer spending habits. While supporting Black-owned businesses both demonstrates a commitment to social justice and correcting this deep-seated problem, it’s also a question of public policy. Our members that contribute their articles to The Acumen support Black-owned businesses and the Black community. Please read their articles as they tell the story of their business. While we should uplift and support minority and Black-owned businesses year-round, this Black History Month is an excellent opportunity to start supporting Black-owned businesses. Please shop locally rather than putting your dollars toward large corporate stores by supporting small Businesses and restaurants in your community. Follow the hashtags such as #ShopblackOwned and #supportBlackBusiness to find Black businesses. Share your favorite Black-owned businesses or restaurants with friends and family by word of mouth or on social media. And of course, reach out to the Black Chamber for referrals of Black-owned businesses. Make Black History Today,
Dr. Angelic Cole President & CEO Colorado Black Chamber of Commerce
5 The Acumen
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