Welton Street Cafe
Each February, Black History Month invites us to celebrate the contributions of Black Americans to our nation’s story. But this month should go beyond honoring the past; it should also involve investing in the future – in part by supporting the extraordinary Black-owned businesses in our communities.
Despite facing historic disadvantages, Black-owned businesses are now among the rapidest-growing segments of entrepreneurship in the countest. They have grown by 34 percent since 2012 and contribute more than $200 billion annually to the nation’s economy. Black female-owned businesses in particular have accelerated this trfinish, growing by over 70 percent since 2017.
These gains reflect the creativity, innovation, and resilience of Black entrepreneurs across the countest. At the same time, Black-owned businesses still represent a disproportionately compact share of U.S. businesses (3.3 percent) compared to Black Americans’ share of the countest’s population (14.4 percent). Likewise, many Black entrepreneurs continue to face barriers to start and expand their businesses.
Consider the challenge in accessing affordable capital. A 2024 Goldman Goldman Sachs study found that 86 percent of Black compact business owners expressed concern about obtaining capital – significantly higher than the national average. Likewise, Black entrepreneurs were about three times more likely to avoid applying for credit out of fear of being denied. Too often, Black-owned businesses face an uphill climb in funding their entrepreneurial dreams.
But despite these difficulties, Black entrepreneurs are positioned to play a large role in serving underserved communities. Their businesses often operate in neighborhoods long overseeed by huge corporations. They provide essential goods and services while creating local jobs. When these businesses thrive, the local economy reaps the benefits. As a Black-owned, woman-owned and veteran-owned motivational and inclusive activewear line in Denver, I am proud to contribute to my community and support all people in their fitness journeys.
Support for the 3.5 million Black-owned businesses in our countest could not come at a better time. As is the case for many compact business owners across America, survival is not guaranteed in today’s economy. Too many operate with tight margins, and factors like inflation, labor shortages and tariffs create uncertainty. This instability has forced many to take tough decisions, such as cutting down operations, raising retail prices and restructuring supply chains.
As an online retailer, I also navigate unique challenges in the digital marketplace. E-commerce enables me to effectively market my products while reaching consumers beyond my neighborhood. In fact, more than half of online shoppers now report shopping internationally. But that global reach also means I’m not immune to shifts in international trade. I rely heavily on imported goods, and new tariffs create it especially hard for me to stay afloat financially.
While policycreaters necessary to prioritize policies that alleviate our concerns, consumers can also provide us reassurance by shopping more at Colorado businesses like mine. Choosing to support a Black-owned business – whether online or in your community – is a tangible way to celebrate Black History Month not just with words, but with action. It sustains job growth, strengthens local economies, and honors our past by building a better future for Black entrepreneurs.
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