minority business office a colorado driver co virtual forum/co mbo.pdf · sole proprietors, small...
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MINORITY BUSINESS OFFICE:A COLORADO DRIVER
The Minority Business Office of Colorado is dedicated toadvancing business opportunities and relationships while beingthe premier advocate and information resource for Colorado’sminority and women-owned businesses.
OUR MISSION
MBO - WHO WE ARE
Rosy Aburto McDonough [email protected]
Ulises Fernandez Program [email protected]
Talia Bond, Senior Consultant [email protected]
Mark Gittes, Senior Consultant [email protected]
Carolyn TerrellSenior Consultant [email protected]
MBO PROGRAMS
MBO Pathway to Certification provides no-cost consulting for federal, state, local level certifications for minority, women, and veteran-owned businesses. MBO delivers ongoing webinars, training, and consulting –once or twice per month- to City of Commerce City, Mi Casa Resource Center, Colorado Hispanic Chamber of Commerce, the African Leadership Group, Contractors Academy, Sistahpreneurs, and Black Business Initiative.
Bid Advance Response is a 6-month mentoring program that prepares minority, women and veteran-owned small companies to expand into government contracting at federal, state, and local level.
Advance Colorado Procurement Expo is an annual event that provides multiple opportunities to small, minority, women, and veteran-owned businesses to engage with government agencies at the federal, state and local level. In 2020 we will have a remote platform on “How to do Business with Government Agencies”.
Minority Business Directory – Searchable database for minority, women, and veteran-owned businesses throughout the State.
ENERGIZE COLORADO
What is it? The Colorado Office of Economic Development and International Trade partnered with Energize Colorado, community banks and microlenders, and philanthropic organizations to create this program and distribute funds to businesses experiencing hardship due to the COVID-19 pandemic.
The Energize Colorado Gap Fund will provide over $25M in small business loans and grants to boost growth in the small business that are the economic engines throughout the state.
Assistance is comprised of $15,000 grant and a $20,000 low-interest loan (24-36 months) for a combined total of $35,000 in financial assistance
Who is the best candidate?Sole proprietors, small businesses and nonprofits with less than 25 full-time employees.
ENERGIZE COLORADO
Eligibility• Be a sole proprietorship or registered for-profit or nonprofit entity• Have fewer than 25 employees (full-time equivalents). An employer may use its off-season employee
count• Have been affected financially by hardship caused by COVID-19 during the period between 3/1/2020 and
12/31/2020 - Provide narrative• Be able to demonstrate the economic hardship experienced by the business with documentation such as
bank records, point of sale receipts, profit and loss statements, or other documents demonstrating economic harm.
How to ApplyYou will apply through the Energize Colorado website. Deadline for first cycle is 9/15/2020. To be notified subsequent rounds of funding, please sign up for updates here, for business mentoring and mental health resources. Funds may not be available until 3-5 weeks after applications are submitted. Following your submission, you will receive an email notification from Energize Colorado Gap Fund asking you to set your password. This will give you access to the application portal where you will find our financial assistance application form.
COMMENTS & QUESTIONSFollow-up will share instructions to use MBO Directory
MINORITY BUSINESS OFFICE OF COLORADO
303.844.3701
DATA CONSIDERATIONS
Our official sources for estimates of business ownership are the USCensus Bureau’s Survey of Business Owners (SBO) and Annual Surveyof Entrepreneurs (ASE).
Both of these surveys are in the process of being replaced by theAnnual Business Survey (ABS), to be published in early 2020.
Until then we have had to rely on the most recent surveys: 2012for SBO, which includes all firms; and 2016 for ASE, which includesfirms that hire employees.
Now in 2019, we have tried to address this persistent data gap byestimating the current stock of minority, women, and veteran-owned businesses using available data from previous publications ofthe SBO and ASE.
DATA CONSIDERATIONS
THESE ESTIMATES ARE TO GUIDE DISCUSSIONS. THEY ARENOT OFFICIAL PUBLICATIONS OF THE STATE OFCOLORADO, US CENSUS BUREAU, OR ANY OTHER STATEOR FEDERAL AGENCY.
AVAILABLE DATA IN CONTEXT
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
REAL GDP GROWTH RATESUS & CO
US Rate CO Rate Difference
ASE DATA2014-16
SBO DATA1997/
2002/07/12
COLORADO BUSINESS GROWTH
MINORITY-OWNED BUSINESSES IN CO
Based on our calculations, we believe that there are likely 130,000 to 150,000 minority-owned firms in Colorado in 2019, accounting for about 21% of all firms in Colorado andgenerating about 2.5% of business revenues - $15 billion to $20 billion.
MINORITY-OWNED BUSINESSES IN CO
HISPANIC-OWNED BUSINESSES IN CO
Based on our calculations, we believe that there are likely 85,000 to 110,000 Hispanic-ownedfirms in Colorado in 2019, accounting for about 15% of all firms in Colorado and generatingabout 1% of business revenues - $7 billion to $9 billion.
HISPANIC-OWNED BUSINESSES IN CO
WOMEN-OWNED BUSINESSES IN CO
Based on our calculations, we believe that there are likely 250,000 to 275,000 women-ownedfirms in Colorado in 2019, accounting for about 38% of all firms in Colorado and generatingabout 5% of business revenues - $30 billion to $40 billion.
WOMEN-OWNED BUSINESSES IN CO
VETERAN-OWNED BUSINESSES IN CO
Based on our calculations, we believe that there are likely 56,000 to 58,000 veteran-ownedfirms in Colorado in 2019, accounting for about 8% of all firms in Colorado and generatingabout 3% of business revenues - $20 billion to $25 billion.
VETERAN-OWNED BUSINESSES IN CO
IMMIGRANT-OWNED BUSINESSES IN CO
Source: American Immigration Council http://www.immigrationpolicy.org/just-facts/new-americans-colorado
COLORADO FIRMSFOUNDED BY IMMIGRANTS
OR THEIR CHILDREN
LGBTQ-OWNED BUSINESSES IN CO
Source: National Gay & Lesbian Chamber of Commerce 2016 America’s LGBT Economy
LGBTQ businesses in Colorado, like much of the restof the nation, is beginning to grow rapidly. Denverand Colorado Springs both have LGBTQ Chambersof Commerce.
Our residents have made plain their acceptance ofthis community: in 2018, we voted to elect thefirst openly gay governor in the nation: GovernorJared Polis.
COLORADO DIVERSITY & EQUITY
• Representation of the market place in which we live and operate
• Diversity and inclusion foster innovation and sustainability
• Business owners are a unique and dynamic entrepreneurial community
• Small, minority, women, and veteran-owned businesses have a disproportionately positive effect
• Smaller contracts => smaller suppliers => inclusion and economic opportunity
DIVERSE NETWORKS