Equal Opportunities To Succeed
MINORITY- AND WOMEN-OWNED BUSINESSES IN THE UNITED STATES OF AMERICA HAVE A HUGE ECONOM- IC IMPACT ON THEIR COMMUNITIES AND THE COUNTRY AS A WHOLE . However , women and minorities still face some significant hurdles when it comes to owning and managing businesses today . For example , according to a report by The Brookings Institution , even though minority-owned businesses are rapidly growing and contributing to the U . S . economy more than ever before , black-owned businesses start with about one-third less capital than their white peers and have a harder time raising private investments from mainstream investment systems .
Lack of access to capital can be crippling for business owners , especially minorities . Entrepreneurs who start a business with existing access to capital such as property , stocks , good credit , and / or loans with reasonable interest rates have higher business success rates . According to the Office of Minority and Women ’ s Business Enterprises , entrepreneurs who seek to start a business without pre-existing capital face higher probabilities that their businesses will not succeed .
In addition to capital access , the impact of the pandemic has left many business owners without customers , resources , and funds ; and for the majority , access to resources like the Paycheck Protection Program ( PPP ) have allowed them to somewhat recover from the recent events . More than 245 public companies applied for at least $ 905 million from the program , leaving many minority and small business owners without a chance to withstand the effects of the pandemic .
The best way to stay ahead of this in the event this does reoccur , is to establish relationships with your local banker , and create accounts with smaller banks or credit unions . Additionally , it is important to stay up-to-date on resources available to minorities . Here are a few we recommend :
MINORITY BUSINESS DEVELOPMENT AGENCY The Minority Business Development Agency ( MBDA ), part of the U . S . Department of Commerce , works to provide offer a wide array of services to minority-owned enterprises , including technical assistance , training , and access to capital , contracts , and new markets . ( www . mbda . gov / page / business-services )
NATIONAL MINORITY SUPPLIER DEVELOPMENT COUNCIL The National Minority Supplier Development Council ( NMSDC ), provides a variety of services for its members . Its most prominent role is being a connector that matches members with corporations that wish to purchase a portion of its products and services directly from minority-owned businesses . ( www . nmsdc . org )
MINORITY BUSINESS ASSISTANCE CENTERS ( MBAC ) The Ohio Development Services Agency ( ODSA ) Minority Business Development
Division ( MBDD ) supports the growth and sustainability of small , minority-owned , and disadvantaged businesses in Ohio . ( www . development . ohio . gov / minority services . htm )
SMALL BUSINESS ADMINISTRATION The federal government ’ s Small Business Administration ( SBA ), offers certification to minority-owned businesses , and provides training , executive education , and one-on-one consulting in the areas of marketing , accounting , opportunity development and capture , contract management , compliance , and financial analysis . ( www . sba . gov )
ADDITIONAL RESOURCES It ’ s important to our economy and our communities that these minority- and women-owned businesses succeed , and Rea wants to be part of the solution . In addition to the resources included in this article , we have compiled an even larger list of resources for minority-owned and women-owned businesses on our website . These resources include links and information about organizations , networking opportunities , articles , and podcasts . While the majority of resources highlight Ohio-based resources , there are national and international resources as well . Please take a look at www . reacpa . com / resources -for-minority-owned-businesses .
We are always on the lookout for additional resources to help promote the advancement of minority-owned and women-owned businesses . If you would