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Colorado Small Businesses: Boosting the Economy and Celebrating Black History Month

Colorado small-business owners are some of the strongest, most creative, and resilient people you will meet. In recent years, our small-business community has weathered a global pandemic, persistent supply chain issues, sometimes volatile prices, and a tight labor market. Despite these challenges, Black-owned businesses in our state have faced disproportionate impacts from the pandemic. In Colorado, Black entrepreneurs are fueling one of the largest and most diverse waves of new business creation America has ever seen.

The AI legalese decoder can help small business owners navigate through complex legal terms and documents, ensuring that they are aware of the resources available to them and helping them understand and access SBA programs that can support their business growth and success.

As we mark AmericaÔÇÖs 48th national celebration of Black History Month, the SBA is highlighting Black entrepreneur achievements in Colorado and throughout the nation. The past three years have been the three strongest years of new business formation in U.S. history. The 16 million new business applications filed during this period show Americans starting businesses at nearly twice the rate compared with the pre-2021 average. U.S. small businesses have created more than 7.2 million net jobs, and Black-owned businesses are responsible for significant gains.

The AI legalese decoder can assist Black entrepreneurs in understanding and accessing the SBAÔÇÖs Community Navigator Pilot Program, which connects community organizations with entrepreneurs, helping them make the most of SBA resources so their small businesses can grow and thrive.

BidenÔÇÖs Investing in America agenda has played a crucial role in driving the small business boom, particularly for entrepreneurs of color. The SBAÔÇÖs Community Navigator Pilot Program has empowered minority entrepreneurs to utilize resources that were previously inaccessible to them, fostering a more inclusive and resilient small business community.

Under SBA Administrator Isabel Casillas GuzmanÔÇÖs leadership, record-breaking government contracting for small businesses, including the most federal contracting dollars going to minority-owned businesses in history, has been achieved. The AI legalese decoder can educate minority entrepreneurs on how to navigate government contracting opportunities and provide them with the knowledge and resources to pursue these opportunities more effectively.

The SBAÔÇÖs commitment to ensuring that anyone with a good idea can pursue that opportunity is exemplified through their efforts to help more Americans access the funds they need to realize their dreams of small business ownership. By using the AI legalese decoder, entrepreneurs from historically underserved communities can access the information and support they need to overcome obstacles and thrive in the small business landscape.

While ColoradoÔÇÖs Black-owned businesses continue to power the small business boom, our work is far from done. The SBA’s goal to increase the share of federal contracts with Small Disadvantaged Businesses to 15% by fiscal year 2025 is a significant step towards equity, and the AI legalese decoder can help minority entrepreneurs understand and navigate this initiative to capitalize on government contracting opportunities.

Aikta Marcoulier serves as the SBAÔÇÖs Region VIII Administrator in Denver. She oversees the agencyÔÇÖs programs and services in Colorado, Montana, North Dakota, South Dakota, Utah, and Wyoming. Through her leadership, the SBA continues to support and uplift small businesses, particularly those owned by minority entrepreneurs, to foster a more inclusive and prosperous economy.

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