a platform for BIPOC-owned businesses to increase their visibility and reach new markets, ShopBIPOC is helping to level the playing field. In Colorado, the racial wealth gap is stark and well-documented: • According to a 2019 report by the Bell Policy Center, the median white household in Colorado has 10 times the wealth of the median Latinx household and 8 times the wealth of the median Black household[9]. • The Colorado Health Institute reports that in 2019, the median income for white households in Colorado was $77,324, compared to $57,790 for Hispanic households and $50,977 for Black households[10]. • A 2021 study by the Common Sense Institute found that the unemployment rate for Black Coloradans was 14.5%, compared to 6.9% for white Coloradans[11]. • The 2023 Colorado Health Access Survey highlights significant economic disparities: 19.5% of Hispanic or Latino Coloradans reported difficulty paying for housing in the past year, compared to 9.9% of White Coloradans[11]. This gap underscores the
financial challenges disproportionately facing communities of color, which can impact their capacity for business ownership and growth. Kanitha Snow formerly of Energize Colorado, another partner organization, emphasizes the ongoing impact of these disparities:”We also know that the BIPOC businesses in the state were impacted by the pandemic more deeply. There are ripple effects of that, and many of them are still in recovery mode. These dollars really matter to these small businesses.”[7] The challenges faced by BIPOC entrepreneurs are multifaceted. Access to capital is often more difficult, with entrepreneurs of color typically facing higher barriers when seeking loans or investments. Many also lack the generational wealth that can provide a safety net or initial funding for a new business venture. Moreover, systemic racism can manifest in various ways, from difficulties in renting business spaces to language barriers for immigrant business owners. ShopBIPOC aims to address these challenges by increasing the visibility and accessibility of these businesses, potentially leading to more opportunities and partnerships. A Diverse Marketplace One of the most striking features of ShopBIPOC is the sheer diversity of businesses represented. From caterers and craftspeople to IT consultants and wellness practitioners, the platform showcases the rich tapestry of BIPOC entrepreneurship in Colorado. “It’s a huge variety,” says Michelle Sturm.”We cover printing and promotional material, a lot of food vendors, a lot of facilities services, a lot of small retail vendors. If you go on the website and look on the ‘Buy’ page at every category that’s listed, there’s a business that provides that service or those goods.”[7] This diversity not only provides more options for consumers but also strengthens the overall economic ecosystem of Colorado. By supporting
I Love Me Gems. Photo: ShopBIPOC.
14 The Acumen
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