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The past two years have been hard on everyone, but for many businesses, especially those run by entrepreneurs of color, the pandemic and the civil unrest following the murder of George Floyd put a major threat to their economic health and livelihood. 

study by the National Bureau of Economic Research from last year

 shows that business owners of color were disproportionally affected by the COVID-19 pandemic — from February 2020 to April 2020, more than 40 percent of Black business owners in the United States shut down operations, a significantly higher rate compared to 17 percent of white owners and the national average of 22 percent.

Other racial minority groups also experienced sharp declines with 1 in 3 Latino/Latina-owned businesses closing and 1 in 4 Asian-owned businesses shut in the two-month period. 

On top of that, many small business owners in the Twin Cities and across the state were hard hit by the aftermath of Floyd’s murder, and are still recovering from the damages over a year later. To help them offset the losses and as part of the ongoing racial reckoning across the U.S., a number of large corporations and politicians promised support for business owners of color, but only 

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BIPOC businesses’ inclusion in Minnesota economy

As businesses struggle to stay afloat in this second holiday season of COVID-19, what can you do to support entrepreneurs of color and foster a more inclusive local economy? Beyond a one-time purchase or donation, here’s a list of things 

In the wake of Floyd’s murder and the subsequent racial reckoning, a handful of local and national organizations have come together to encourage consumers to shop at businesses that are run by people from traditionally marginalized communities. 

If you’re looking for where to shop to support those communities in your area, here are some useful resources to help you locate BIPOC-owned businesses — from restaurants and bakeries to various professional services.

In addition to financial support for BIPOC businesses through donations and purchases, there are initiatives that focus on empowering entrepreneurship in communities of color by raising awareness and promoting allyship.

Grants, initiatives for BIPOC business owners

If you are a business owner of color or know someone in the BIPOC business community, these grants and initiatives might help the business recover from the losses during the pandemic and thrive. 

Do you know other efforts going on in Minnesota to support entrepreneurs of color? What other forms of support do you want to see to effect a more inclusive and sustainable local economy? Let us know in the form below.

Jiwon Choi

Author

As businesses struggle to stay afloat in this second holiday season of COVID-19, what can you do to support entrepreneurs of color and foster a more inclusive local economy? Beyond a one-time purchase or donation, here’s a list of things you can do now to help.


Here's how you can support Minnesota's minority-owned businesses

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