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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 1982, 9.3% in 1987, 12.5% in 1992, 14.6% in 1997. (Last recorded data, 2001 Minority Business Census)
• 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 million jobs.
• Minority Businesses provided approximately $96 billion in payroll.
• Minority Businesses generated more than $591 billion in revenue.
• By 2050, minorities are projected to comprise almost 50 percent of the U.S. population, minority businesses are growing even faster than the population in terms of both numbers of new firms and revenues.
• United 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 lending channels.
• 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 grow to at least $4.3 trillion and as much as $6.1 trillion by year 2045.