As we celebrate National Small Black-Owned Business Month this August, there’s a powerful initiative in Colorado that deserves our attention and support. ShopBIPOC, an innovative online directory, is not just changing the way we shop— it’s increasing visibility and market access for Black, Indigenous, and People of Color (BIPOC) entrepreneurs across the state, creating new opportunities for growth and connection. Black-owned businesses play a crucial role in the U.S. economy, contributing to job creation, innovation, and community development. Nationally, there are about 3.12 million Black- owned businesses, representing 10.6% of all U.S. businesses[1]. In Colorado, Black-owned businesses make up approximately 2.1% of all firms[2], highlighting both the contributions of these enterprises and the significant opportunity for growth. However, Black entrepreneurs face substantial racialized systemic barriers, including limited access to capital, discrimination in lending practices, and lack of business development resources[3]. These obstacles contribute to lower
survival rates and reduced scalability for Black- owned businesses, perpetuating the racial wealth gap. Supporting these businesses is, therefore, not just about economic opportunity but also about addressing systemic inequities, fostering economic equity, building generational wealth, and strengthening local communities. The growth of BIPOC-owned businesses could significantly benefit Colorado’s economy as a whole. Research indicates that if the number and revenue of BIPOC-owned businesses were proportionate to their demographic representation, they could generate an estimated 7.7 million jobs and contribute an additional $8 trillion to the U.S. GDP[4]. In Colorado specifically, addressing the racial equity gap could potentially increase the state’s GDP by $45 billion annually[5]. This economic expansion would result in enhanced tax revenues, increased employment opportunities, and overall economic prosperity, yielding benefits for all Colorado residents, irrespective of racial background. Launched in the fall of 2022, ShopBIPOC is more than just a directory—it’s a movement. Born from a collaborative effort of thirteen community
Fit & Nu. Photo: ShopBIPOC.
12 The Acumen
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