Publications for Minority-Owned Businesses. National Minority Supplier Development Council, Black Business and Professional Association, National Association of Asian American Professionals, 5 Tips for Success in Starting a Small Business, 7 Must-Have Features of Your Inventory Management Systems, The 6 Most Important Characteristics of Small Business Owners, Why Business Owners Should Retrain their Employees. Phone: 212.349.4100 The MBDA’s MSI business center initiative would complement rather than duplicate the MBDA’s existing business center activities. Those numbers demonstrate that minority-owned businesses are thriving. As insufficient startup capital is one of the largest barriers to entry for aspiring entrepreneurs of color—especially Black entrepreneurs—a substantial portion of the grant funding would be reserved for direct capital investment in new businesses. They provide everything from business advice to financing for business owners who meet specific qualifications. Tags: Business Financing, Business Growth, Funding for Women-owned Business, Small Business Loans, © 2020 National Funding. While these policies on their own would not eliminate racial disparities in wealth or business ownership—or close the racial wealth gap—they have great potential to meaningfully reduce inequality over the coming years. In FY 2020, Congress passed the following language appropriating funds for the MBDA: For necessary expenses of the Department of Commerce in fostering, promoting, and developing minority business enterprises, including expenses of grants, contracts, and other agreements with public or private organizations, $42,000,000, of which not more than $15,500,000 shall be available for overhead expenses, including salaries and expenses, rent, utilities, and information technology services.32, Based on this language, the next administration could conceivably authorize the MBDA to provide grants to municipalities for capital investments in Black, Indigenous, and other communities of color or even guarantee loans (under “other agreements”) for companies to invest directly in minority-owned business. Tennessee Minority Pages has rebranded its look and broadened its reach to provide the most dependable source of minority business … The time is now to revamp the MBDA. Small business disparities are caused by stark and persistent inequities in wealth and access to capital.4 While the federal government has largely perpetuated rather than mitigated these challenges, it nonetheless has an important role to play in creating a more equitable business environment. Employer Firms” (Washington: U.S. Small Business Administration, 2018), available at, Angela Hanks, Danyelle Solomon, and Christian E. Weller, “Systematic Inequality: How America’s Structural Racism Helped Create the Black-White Wealth Gap” (Washington: Center for American Progress, 2018), available at, Robert Fairlie, Alicia Robb, and David T. Robinson, “Black and White: Access to Capital among Minority-Owned Startups” (Stanford, CA: Stanford Institute for Economic Policy Research, 2016), available at, U.S. Small Business Administration, “Organization,” available at, U.S. Census Bureau, “Selected Population Profile in the United States: 2018 American Community Survey 1-Year Estimates”; authors’ calculations based on data from the U.S. Small Business Administration, “SBA Lending Statistics for Major Programs as of (08-16-2019)” (Washington: 2019) available at, Alicia Robb, Mels de Zeeuw, and Brett Barkley, “Mind the Gap: How Do Credit Market Experiences and Borrowing Patterns Differ for Minority-Owned Firms?” (Atlanta and Cleveland: Federal Reserve Bank of Atlanta and Federal Reserve Bank of Cleveland, 2018), available at, Andre M. Perry and David Harshbarger, “Coronavirus economic relief cannot neglect Black-owned business,” The Brookings Institution, April 8, 2020, available at, Robert W. Fairlie, “The Impact of Covid-19 on Small Business Owners: Evidence of Early-Stage Losses from the April 2020 Current Population Survey” (Cambridge, MA: National Bureau of Economic Research, 2020), available at, Michael McManus, “Minority Business Ownership: Data from the 2012 Survey of Business Owners” (Washington: U.S. Small Business Administration, 2016), available at, Christine Kymn, “Access to Capital for Women- and Minority-owned Businesses: Revisiting Key Variables” (Washington: U.S. Small Business Administration, 2014), available at, U.S. Census Bureau and the National Center for Science and Engineering Statistics, “Annual Business Survey: Business Characteristics of Respondent Employer Firms by Sector, Sex, Ethnicity, Race, and Veteran Status for the U.S., States, Metro Areas, Counties, and Places: 2017.”, Dell Gines, “Black Women Business Startups” (Kansas City, MO: The Federal Reserve Bank of Kansas City, 2018), available at, The American Presidency Project, “Executive Order 11458: Prescribing Arrangements for Developing and Coordinating a National Program For Minority Business Enterprise,” March 5, 1969, available at, Eugene Boyd, “Minority Business Development Agency: An Overview of its History and Current Issues” (Washington: Congressional Research Service, 2017), available at, Minority Business Development Agency, “Who is MBDA?”, available at, Minority Business Development Agency, “What We Do,” available at, Tyrone Grandison, “MBDA Locations” (Washington: U.S. Department of Commerce), available at, Consolidated Appropriations Act, 2020, H.R.

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