Minority Business Facts
"This is a lucrative
marketplace for minority-owned firms that are looking for growth
opportunities and for large corporations that want to establish strategic
partnerships with minority-owned businesses."
Former Director of the Minority
Business Development Agency, Courtland Cox
- The recorded growth pattern
of Minority Businesses has been a steady increase from 6.8% in
1987, 12.5% in 1992, 14.6% in 1997. (Last recorded data, 2001 Minority
- Minority owned businesses account for
more than 3 million businesses in the United States.
- 615,222 Minority Businesses
had paid employees.
- Minority Businesses generated more than 4.5
- Minority Businesses provided
approximately $96 billion in payroll.
- Minority Businesses
billion in revenue.
- By 2050, minorities are projected to comprise almost
of the U.S. population, minority businesses are growing
even faster than the population in terms of both numbers of new firms
States Federal agencies are required to provide businesses owned,
operated and controlled by socially and economically disadvantaged
individuals the "maximum
practicable opportunity" to participate in federal contract procurement.
- The SBA provides a loan guarantee program to Minority
businesses unable to secure financing on reasonable terms through normal
- SBA loans have been increasing steadily
for all Minority groups.
- The minority population in the U.S. today
represents a $1.3 trillion consumer marketplace, this number is projected
to at least $4.3
trillion and as much as $6.1 trillion by year 2045.