GREEN BAY, Wis. [Nov. 6, 2023] — ColorBold Business Association Inc., a resource for all people of color locally, nationally and globally headquartered in Green Bay, Wisconsin, is encouraging people in the Northeast Wisconsin region to take advantage of all the benefits of supporting and shopping at Black, Indigenous and People of Color (BIPOC)-owned businesses this holiday shopping season. On Thursday, Nov. 9 from 5:30-7:30 p.m. at Urban Cultural Arts in Green Bay, Wisconsin, located at 906 E. Walnut St. (map), ColorBold is hosting an Entrepreneurs and Professionals of Color Mixer, sponsored by New North Inc., where community business owners and working professionals can get to know each other and find ways to work together and support each other.
ColorBold will be kicking off its third annual Shop BIPOC Campaign during the mixer event on Nov. 9. The campaign encourages people to make a conscious effort to shop businesses and nonprofits owned by people of color. Here is a list of BIPOC-owned businesses.
“Research has revealed the challenges that BIPOC-owned businesses face in obtaining funding and resources. That’s why it’s crucial to offer support and a platform for BIPOC business owners to showcase their contributions to the community,” explained Kimyatta Ratliff, president and CEO of ColorBold Business Association Inc. “Recognizing the significant impact these businesses have on our economy, culture and neighborhoods can foster valuable connections for everyone. Ultimately, when we support businesses owned and operated by people of color, our entire community thrives.”
Supporting BIPOC businesses impacts local communities in the following ways:
- Enhances cultural vibrancy — Eclectic products and services can uplift a community, fostering a sense of pride for those who live there.
- Supports economic growth and job creation — A study by the National Community Reinvestment Coalition in 2017 found banks were twice as likely to provide business loans to white applicants than Black ones. As a result of this lack of capital funding, many Black-owned businesses are sole proprietorships and are more likely to hire from the local community, fostering job opportunities at the local level and enhancing economic growth.
- Creates social inclusion — When everyone has a chance to succeed, the community thrives, as a whole. According to an article by the McKinsey Institute for Black Economic Mobility, the Black-white wealth gap is projected to cost the economy $1 trillion to $1.5 trillion per year by 2028. Supporting BIPOC-owned businesses can help close that gap.
- Offers diverse products and service offerings — When people shop at BIPOC-owned businesses their dollar not only goes back to the community because these businesses are often locally owned and operated, but it also works to close the wealth gap between people of color and their white counterparts. This allows for more money to be generated and spread throughout the community, encouraging more diversity in businesses and services.
- Strengthens the local ecosystem —According to an analysis by the American Business Survey 90% of new businesses among all races do not receive any outside investors. This is because many people use the equity in their homes to start their businesses. However, research from Brookings shows the devaluation of property in non-white neighborhoods which makes starting or maintaining business much harder for BIPOC owners. If communities embrace the BIPOC businesses that are in their neighborhoods, they can flourish and grow and BIPOC owners and employees will be able to support other businesses in their community, creating a healthy ecosystem for everyone.
The Entrepreneurs and Professionals of Color Mixer includes networking, appetizers and drinks, a cash bar, music and karaoke. The event encourages community members to come out and meet new people, have fun and try delicious food; while patronizing BIPOC-owned businesses. Space is limited for the event and people are encouraged to register early via the registration form here.
“Being connected to ColorBold has given my business exposure, access to resources as well as greater insight into the community and the world of business,” said Ramona Hallmon, founder of RamonaVation and board chair of ColorBold Business Association Inc. “Building personal connections to community organizations can strengthen relationships and expand the reach of your business. It can also challenge you, because without stepping out of your comfort zone certain opportunities won’t come your way. This is why events like the Entrepreneurs and Professionals of Color Mixer are so vital for business owners and professionals in Northeast Wisconsin.
To learn more about ColorBold Business Association Inc., the services it offers and upcoming events, visit colorbold.org.
Photo included.
Flyer for Entrepreneurs and Professionals of Color Mixer by ColorBold Business Association Inc.
