Call Us 803.661.0655 info@scachamber.com
SC African American Chamber of Commerce SC African American Chamber of Commerce SC African American Chamber of Commerce
  • Welcome
  • About Us
    • Staff Email Login
  • Initiatives
    • Opportunity Zones
    • Events
  • News
    • Black Business Demographics
    • Minority Business Facts
    • Podcast Channel
    • Latest Events
  • Contact Us
  • Donate
Join
  • Home
  • /
  • Small Business
  • /
  • Celebrating the rise of minority-owned businesses

Celebrating the rise of minority-owned businesses

October 24, 2019 evisioncorp Comments off Small Business MBDA

On Tuesday, the Department of Commerce’s Minority Business Development Agency (MBDA) celebrates its 50th anniversary.

When President Nixon signed the executive order creating MBDA, the nation’s minority population was less than 40 million. Nixon recognized that, although minority-owned businesses then were only 4 percent of America’s businesses, empowering the entrepreneurial spirit of minority men and women was vital for the future of the American economy.

Today, the minority population has more than tripled to 129 million, or 39 percent of the total United States population. Minorities own an estimated 29 percent of classifiable businesses, which are growing at twice the rate of non-minority businesses. They employ more than 6.3 million Americans and generate over $1 trillion in revenue.

We know that minority-owned businesses are an indispensable part of our nation’s economy, and we continue to affirm the vision of growth and prosperity that was set forth 50 years ago:

By encouraging minority-owned businesses to thrive and expand, we are strengthening our communities, our families and our spirit of innovation.

How do we continue to empower individuals, ensure small businesses are hiring and expanding and push medium-sized businesses to hit the million-dollar mark in revenue? How do we ensure the United States remains at the forefront of innovation and technology?

It starts with removing economic barriers, encouraging public- and private-sector collaboration and providing businesses with access to resources and capital.

The Trump administration has led the way in leveling the playing field for American businesses in international trade, and minority-owned businesses are uniquely positioned to expand their business operations through exports.

According to the Census Bureau, minority-owned firms are twice as likely to export; six times more likely to conduct business in a language other than English; and three times more likely to generate 100 percent of their revenues from exports compared to non-minority-owned firms.

New data from Census analyzed by The Business Journals shows that the number of Hispanic-, African-American- and Asian-owned businesses have increased significantly in the last decade, with Hispanic-owned businesses achieving the highest amount of growth at 46 percent.

To build on this success, in the last two fiscal years, MBDA helped facilitate almost $12 billion in contracts and financing to minority enterprises, helping create or retain over 35,000 jobs. In 2018, we awarded grants in high-impact areas where minorities need assistance the most — education, access to capital and technology.

Our initiatives include Global Minority Women’s Economic Empowerment, the Entrepreneurship Education Program for the Formerly Incarcerated and Technology Transfer and Commercialization, to name a few.

Morgan Stanley estimates the $400 billion commercial space sector will hit $1.1 trillion by 2040. We hope to hit this milestone even sooner by encouraging minority businesses to capitalize on this future forward industry.

Recently, MBDA awarded a grant to the United States Space Foundation to educate and inspire minority firms and to help facilitate partnerships in the field of space commercialization. 

President Trump is unleashing America’s economic prowess. For the first time in more than a decade, GDP growth has reached 3 percent, and the United States unemployment rate has dropped to 4 percent.

Minority unemployment rates have hit an all-time low, wages are rising, and American families are seeing the direct results of deregulation and economic reform.

As part of the Tax Cuts and Jobs Act, Opportunity Zones provide a tax incentive to invest in areas where the unemployment rate is about 1.6 points higher than average. Approximately 56 percent of Opportunity Zone residents are minorities.

Leveraging Opportunity Zone financing is a unique chance for minority businesses and communities to advance through new private-sector capital.

The Trump administration has created an economic climate that allows all Americans to prosper. A prime example is DAP Construction, a female-led, minority-owned firm that won the Minority Enterprise Development Week Construction Firm of the Year Award last fall.

With the help of MBDA, what started off as a residential property service company in 2009 doubled its revenue from $1.5 million in 2015 to $3.5 million in 2017.

For 50 years, MBDA has been at the forefront of promoting businesses like DAP Construction, in turn helping keep our Nation’s job creators economically competitive. More recently, this administration has proven that when we put American businesses first, all Americans flourish.

That work will never cease, and we look forward to the greatness minority businesses will achieve in the years to come.

Source: The Hill

prev post next post

Related Posts

Executive Order Expanding Apprenticeships

October 25, 2019

Young Entrepreneur received SCDOT DBE Certification

July 25, 2019

About

The South Carolina African American Chamber of Commerce is based on the belief that our members needs are of the utmost importance. The African American Chamber is committed to developing strategies and bringing resources to our members to meet their specific needs.

college term paper writing services running a thousand miles for freedom essay https://thembl.org/masters/no-water-life-essay/60/ cialis in mexico here examples of research papers for elementary students strayer university term papers how to write a personal essay for college https://cwstat.org/termpaper/the-others-film-essay/50/ breastfeeding research paper outline thesis tutorial essay on international relations theories https://cadasb.org/pharmacy/does-cialis-come-in-generic-form/13/ el viagra necesita receta en mexico https://eagfwc.org/men/viagra-4-tabletten/100/ https://idahohighcountry.org/college/guidelines-to-writing-college-essay/30/ http://www.danhostel.org/papers/project-writing-service/11/ click here click sildenafil generika unterschiede dissertation citation beaumarchais https://www.arohaphilanthropies.org/heal/cialis-mount-hood-village/96/ generics for cymbalta https://online.bentley.edu/medschool/clomid-and-intercourse/10/ cdma technology research papers https://heystamford.com/writing/cheap-paper-writing-services/8/ how to forward a text message on iphone 6s plus essay on my favourite game for class 4th get viagra your doctor canadian companies selling viagara mba 1st sem question papers https://greenechamber.org/blog/pregnancy-paper/74/ Holistic Business Community
advocacy, education, empowerment

Search

Recent Posts

  • SBA and Treasury Announce PPP Re-Opening

    January 8, 2021
  • South Carolina African American Chamber of

    October 27, 2020
  • SC CARES Act Grant Fund Opens

    October 13, 2020
  • Chairman ask State and Local Government

    March 18, 2020
  • President Trump offers to be the

    October 25, 2019
  • President Trump to Deliver Keynote at

    October 25, 2019
  • Senator Scott on his Opportunity Zones

    April 4, 2019

Categories

  • Congress (2)
  • Development (4)
  • Education (2)
  • Election (1)
  • Energy (2)
  • Entrepreneurship (1)
  • News (8)
  • Partnership (3)
  • Podcast (5)
  • SBA (1)
  • Senate (1)
  • Small Business (3)
  • Sponsors (2)
  • Uncategorized (6)
Footer logo

The South Carolina African American Chamber of Commerce is based on the belief that our members needs are of the utmost importance.

Facebook
Twitter
Google-plus
Tumblr

IMPORTANT INFO

  • Minority Business Development Agency
  • SBA Certify
  • SCDOT DBE
  • SMBCC

MEMBER RESOURCES

  • Donate
  • Become A Member
  • Staff Email Login

Our Address

2001 Assembly Street, Columbia, SC 29201 Phone: 803.661.0655 Email Address: info@scachamber.com

Copyright © 2019-20 SCAAC. All Rights Reserved. Designed by E-Vision Project Development Corporation HUBZONE, WBE, DBE & MBE