According to the Census Bureau, people of color own roughly 30 percent of American businesses. The good news is that this number have been steadily increasing over the last decade.

The bad news is that BIPOC business owners are less likely to receive small business loans than white -owned businesses and are forced to pay higher interest rates and often commercial lease rates. They earn less and grow more slowly.

COVID also had a powerful negative impact on BIPOC small business and created greater-than-average closure and layoff rates.

By buying from BIPOC or more specifically Black-owned business, you are helping to reduce economic inequities and ensure that these business have a shot at success.

So, whether for yourself, your family, or your company, consider directing some of your spending toward BIPOC business for 2024—at least 15% is a good goal. Think beyond where you shop or eat, Think about your insurance providers, transportation, home repair, business services and more. 

It makes a difference for everyone.