Why The Consumer Plays An Important Role In Supporting Black Business Growth in Colorado 

While August was Black Business Month, consumers can recognize and renew the role they play in supporting Black-owned businesses at any time of the year. There has been growth in overall Black business ownership in recent years although Black entrepreneurs still face challenges that can hinder their success. 

In light of efforts to increase diversity in our community, it’s important to remember you’re helping to contribute to community wealth creation and development for these business owners and across the broader business landscape. When you support and invest in Black-owned small businesses, you are investing in Colorado.  

READ: Celebrating Black Business Owners in Boulder — Leontyne Ashmore’s Barefoot-inspired Shoes

With Denver Startup Week just around the corner from September 18-22, you can show your support by celebrating entrepreneurs in Colorado at an event that showcases a global culture of innovation and features an equity pitch competition.  

Below are a few tips to get you started: 

Make it a priority to shop at Black-owned small businesses

The best and easiest way you can support local Black-owned businesses is with your dollars. Every small business owner relies on a steady stream of customers to make ends meet, innovate and grow, which ultimately fuels the economy as a whole. Familiarize yourself with Black-owned businesses in Colorado and reinvest in your local community when you shop.

Use your networks to amplify Black-owned businesses

Promoting a business you like is just as important as patronizing it — there’s nothing better than a referral from a satisfied customer. Help businesses in your community attract new customers by promoting news and announcements and sharing positive experiences through social media and word of mouth. Many Black-owned small businesses are on popular social media platforms, so be sure to amplify their content and encourage your network to shop at Black-owned businesses in Colorado. 

Share reviews online and on social media platforms

Help promote Black-owned businesses that provide excellent service or products by publishing and sharing positive online reviews. Popular websites like Yelp, Square and Google reviews are critical services that feature customer-provided reviews, which countless consumers rely on to make shopping decisions.

You can find more ways to support Black-owned small businesses in your community here. 

Nationally and in Colorado, Bank of America is committed to supporting Black-owned small business clients through a variety of efforts that address the persistent gap in access to growth capital for minority-led businesses and that accelerate the flow of capital into minority and women-led businesses.

In October 2022, the bank was a founding investor of the New Community Transformation Fund-Denver (NCTF-Denver), a Colorado-based black-owned and black woman-led high-touch venture capital firm. To date, NCTF-Denver raised $36 million, of which $20.9 million is subscribed in investments into the fund and has invested $3 million into companies primarily owned and/or operated by founders of color who are located or in Colorado. These early-stage companies have created 109 jobs with 76% of the director and above positions being occupied by persons of color and 41% women.   

Raju Patel is the President of Bank of America Colorado.

Danielle Shoots is an NCTF-Denver founding partner and managing director.