ICIC’s core mission has always been to uplift communities by supporting small businesses in underserved neighborhoods. In recent years, a key focus has been on expanding resources for Black, Indigenous, People of Color (BIPOC)- and woman-owned businesses to grow and thrive.
We’re proud to report that in 2022, the number of BIPOC-owned businesses supported by ICIC increased by four percent while the number of woman-owned businesses we engaged with rose by six percent. Of the nearly 3,000 businesses served by ICIC, 71 percent are now BIPOC-owned while 65 percent are woman-owned.
We celebrate these increases as we head toward 2023. These numbers show that our outreach efforts to women and communities of color are being well-received and helping build communities. While the total number of businesses ICIC served in 2022 dipped slightly – from 3,002 to 2,958 – the increases among BIPOC- and woman-owned businesses validate ICIC’s efforts to build innovative programs that make a difference for small businesses.
Given the steep challenges faced in 2022 – inflation, supply chain disruptions, market volatility, economic turmoil – our small business ecosystem remains strong and we are excited that so many of our partners are not only open for business but are hiring, expanding, evolving, innovating and blazing pathways forward. You’ll read many of their inspiring stories in this report.
In 2022, ICIC served nearly 3,000 businesses in 49 states and territories including Puerto Rico and Guam, and six Canadian provinces. A vast majority – and rising – number of these companies are BIPOC- and woman-owned. Most are located in under-resourced communities with high rates of poverty and unemployment and limited access to capital and other resources needed to grow small businesses.
Businesses served across all ICIC programs in 2022
Number of businesses served
Number of cities represented
Number of states, territories, and provinces represented
Average age of businesses
Average number of full time employees