As the number of new business filings climbs in Marion County, our count of Black entrepreneurs is also on the rise.

Why it matters: Despite annual gains that outpace the national average, access and capital challenges have kept these companies from putting a dent in the disparity between Indy's Black population and its tally of Black-owned businesses.

The big picture: Closing that gap could become even more difficult going forward as business owners navigate an investment landscape reshaped by rising anti-DEI sentiment.

Driving the news: Americans filed nearly 5.5 million new business applications in 2023, per the U.S. Census Bureau, or about 16.3 for every 1,000 residents.

• That's up from about 5.1 million in 2022 and 3.5 million in 2018.
• Compared to other states, Indiana was 28th overall with a rate of 13.6 per 1,000 residents.

Zoom in: Marion County saw some of the nation's largest gains with a state-leading 25.4 new business applications per 1,000 residents.

• That puts it in the top 100 counties.

Between the lines: The latest Census data finds that pandemic-era growth saw the gross revenue of Black-owned firms surge by 66% from 2017 to 2022.

• During that period, the total number of businesses owned by Black Americans increased by 57%.
• A Yelp analysis revealed that Black-owned business openings in the Indianapolis area grew by 59% from 2022 to 2023.

Yes, but: Majority Black-owned businesses made up just 3% of all U.S. firms in 2022 when the population was about 14% Black, and accounted for just 1% of gross revenue.

• A separate Lending Tree analysis of the Census data ranks Indianapolis 42nd overall for share of Black-owned businesses, with 3.8% compared to a Black population of 15.1%.

What's next

As Indianapolis' Black-owned business gaps persist, local leaders want to shift the conversation on equitable business development in the city.

Why it matters: Year-over-year spikes are encouraging, but experts say the fragility of those figures will be exposed if we fail to surround minority firms with the proper framework.

Driving the news: Antonio Maxie, owner of the Nap or Nothing clothing shop, was one of the first participants of GANGGANG's "In the Mix" program, a commercial real estate and retail initiative launched by the creative advocacy agency to help Black-owned businesses open brick-and-mortar locations downtown.

Zoom in: Maxie's involvement helped him move Nap or Nothing downtown after eight years in Lafayette Square Mall.

• Following a two-and-a-half-year run on Mass Ave., Maxie is on the move again, opening a new Nap or Nothing location this month in Fountain Square.

What he's saying: Maxie says he has a deep love for the near-decade he spent in Lafayette Square, but moving to Mass Ave opened new doors, such as collaborating with companies like Ruffles during the NBA All-Star Weekend celebration.

State of play: GANGGANG co-founder Mali Bacon said the launch of "In the Mix" brought with it some hard truths. In particular, lack of property ownership means progress would always be on someone else's terms.

• Because of that, Bacon said "In the Mix 2.0" is altering its focus from placements to building ecosystems.

Keep reading

🚨 The Broadway/Park Neighborhood Association is looking to increase security around Kennedy King Park, 20 years after the landmark's dedication and a string of crimes in the area. (FOX59)

🤑 The state has spent nearly $1 billion on the contentious LEAP development, a technology and business park in Boone County. (Indiana Capital Chronicle)

🏀 Purdue's men's basketball team dropped to No. 20 in the latest AP poll after losses to Michigan State and IU. (WISH-TV)

• The Notre Dame's women's team also dropped, from No. 1 to No. 3, after a double-overtime loss to NC State. (WNDU)

Less than 1% of out-of-county movers with a college degree left their homes to come to Indianapolis, according to the latest census data.

The big picture: White-collar workers tend to go where they think the jobs are, and cities are constantly competing with one another to attract well-paid professionals — and the tax revenue they often bring.

Zoom in: Indiana has struggled to increase its going-college rate among high school graduates, so the economy and workforce need in-migration to boost its population of highly-skilled workers.

• If the state can't attract them, it could hurt economic development efforts courting manufacturing, technology and health care employers.

Zoom out: Americans age 25 and up with a bachelor's degree or better flocked to New York City (6.1%), Washington, D.C. (3.5), Dallas (3.2), Atlanta (2.9), LA (2.4) and Chicago (2.4).

How it works

✌🏿 Justin here!

This week, I got my Monday morning caffeine fix courtesy of a perfectly brewed cup of Yemeni coffee.

Why it matters: I only had to drive as far as Noblesville to enjoy it.

Brew of the week: The Yafa Special from Yafa Golden Coffee.

💭 My thought bubble: The name ain't a lie, because this certainly was special.

• The latte is a blend of turmeric, honey and cardamom with an espresso-backed kick. It's smooth, sweet and slightly spicy.

Zoom in: Yafa, named after a village in Yemen where the owners are from, opened last year to share the heritage of Yemeni coffee with central Indiana.

• The coffee is brewed in-house from beans farmed in Yemen.

The intrigue: While Yafa is great for starting your day, the vibe is also crafted to help you end it.

• Manager Ali Yasser Ali explains that the Middle East's bustling nightlife means many people enjoy drinking coffee after sundown.
• To replicate that experience in HamCo, Yafa is open later than many other local coffee shops.

If you go