Colorado is renowned for its stunning scenery, booming economy, and multicultural population. The statistics for black-owned enterprises, however, are less remarkable. In 2012, there were about 8,700 black-owned businesses in Colorado, which represented just 1.7% of all firms in the state, according to the US Census Bureau’s Survey of Business Owners.
Over 80% of these black-owned firms were located in the Denver, Colorado Springs, and Aurora metro areas. Healthcare and social assistance, retail commerce, and professional, scientific, and technical services have the highest proportions of black-owned enterprises in Colorado.
There are many reasons for the low proportion of black-owned businesses in Colorado, including prejudice, a lack of resources and capital, and systemic hurdles. To expand the proportion of black-owned enterprises in the state, initiatives are being made. For instance, the Colorado Black Chamber of Commerce offers black business owners services and assistance, including networking opportunities and business counseling.
The friendliness of Colorado to employers is another thing to take into account when opening a business there. As a result of its regulations favoring employers in areas like workers’ compensation and unemployment insurance, Colorado is regarded as an employer-friendly state. The state does, however, have stringent anti-discrimination rules that shield workers from being discriminated against because of their color, gender, or any other protected traits.
Despite the fact that there are not many black-owned businesses in Colorado, there are organizations and services that can help these companies expand and succeed. Additionally, business owners considering establishing a company in Colorado should be aware of both the state’s severe anti-discrimination legislation and its rules favoring employers.