Since last July, MBDA and the U.S. Census Bureau have been releasing data from the 2007 Survey of Business Owners describing details about the minority business community. So far we have produced fact sheets on all minority businesses, Hispanic businesses and this month, Black History Month, we release the African American business fact sheet .
The good news is that the number of African American-owned firms increased by 60.5 percent between 2002 and 2007 to 1.9 million firms. Employment at these firms also grew 22 percent from 754,000 to 921,000. The rate of employment growth is significantly higher than that of non-minority-owned firms which grew employment at a rate of less than one percent during the same time.
But the true economic potential of African American firms is not being unrealized. While gross receipts for all minority-owned firms are still well below the $490,000 average gross receipts for non-minority-owned firms in 2007, the average gross receipts for African American-owned firms actually fell 3 percent from $74,000 per firm to $72,000 between 2002 and 2007. The reasons for this discrepancy vary, but in essence it comes down to access to capital, access to contracts and access to new markets.
As I travel around the country, I am in awe of the tenacity and the indomitable spirit of minority business owners and their unwillingness to quit in the face of overwhelming odds. That’s the spirit that makes America great.
As the National Director of the Minority Business Development Agency (MBDA), I am proud to be a part of this Administration and a part of an Agency where our work helps to expand the U.S. economy and create new jobs through the historically underutilized minority business community.
I have the privilege of serving on the senior staff of the Secretary of Commerce and serving as Bureau Chief of MBDA, as well as engaging with various stakeholders, members of Congress, minority-owned and operated businesses, and nonprofit organizations that support minority business development across the nation.
MBDA is a national organization with more than 46 business centers in five regions, which generates nearly $4 billion in contracts and capital for minority-owned businesses. We also create thousands of jobs for all Americans and help save thousands of existing jobs.
The Minority Business Development Agency (MBDA) in concert with Deutsche Messe AG would like to invite you to join MBDA National Director David A. Hinson and business leaders from around the world at the Hannover Messe International Trade Fair, April 4–8, 2011. As part of MBDA’s ongoing mission to promote the tremendous capabilities of minority-owned firms and the promise of phenomenal growth through exporting and strategical alliances internationally, Director Hinson will be a featured speaker at the U.S. Global Business & Markets pavilion on Monday, April 4.
Ed note: Founded in 1993, Kent Displays, Inc. is a world leader in the research, development and manufacture of Reflex™ No Power LCDs for unique, sustainable applications including electronic skins, writing tablets, smartcards and eReaders. Improv Electronics was formed in 2010 as the consumer products subsidiary of Kent Displays. 2010 sales of its first product, the Boogie Board™ LCD Writing Tablet, exceeded forecast by 10 times. Its paperless LCD technology represents a significant opportunity to reduce global paper consumption for everyday tasks such as memos, reminders, to do lists, sketching and other writing and drawing activities.
Kent Displays is honored to be a representative on this trade mission to India. It’s only a few days into the mission, and the benefits of participating are already immeasurable. I cannot begin to express my gratitude to the U.S. Commerce Department and Secretary Gary Locke for organizing the trip and selecting Kent Displays for the business delegation.
The U.S. Small Business Administration today published a package of final rules that will revise regulations to strengthen its 8(a) Business Development program to better ensure that the benefits flow to the intended recipients and help prevent waste, fraud and abuse.
The rules were published today in The Federal Register and will become effective in 30 days on March 14, 2011.
The revisions are the first comprehensive overhaul of the 8(a) program in more than 10 years. The regulations incorporate technical changes and substantive changes that mirror existing or new legislation enacted since the last revision in June 1998.