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46% Percent Growth - But Economic Parity Remains
Between 2002 and 2007, the number of minority firms grew by 46 percent, compared to 18 percent for all U.S. firms, and compared to 13.7 percent growth for the minority population age 18 and older, during the same period. Minority-owned firms employed approximately 5.9 million people in 2007, up from 4.7 million in 2002.
Yet we still have work to do. It’s encouraging that minority-owned firms are growing fast, but economic parity remains elusive. In 2007, average gross receipts for minority-owned firms increased $179,000 from $167,000 in 2002, still well below gross receipts for non-minority-owned firms, which had average gross receipts of $490,000.
To make sure minority communities and our overall economy is sound over the long-term; we need to ensure that the growth and competitiveness of the minority business community continues to be a national priority.
How We Help
Minority Business Centers
MBDA is focused on increasing access to capital, contracts and new markets for minority-owned firms. Please engage with one of our business development specialists at our Minority Business Centers around the nation and let us help you grow to size and scale.
Phoenix-Opportunity is an online database system in which you register your company with the Minority Business Development Agency. This tool will enable you to receive leads about business opportunities and seek business partners. It takes 3 steps to register your company. Allow 5-10 minutes to complete your company profile.
Business Locator is an online search tool that will identify Minority Business Vendors that can provide products and services in response to bids and solicitations. It uses the MBDA Phoenix database system with over 30,000 minority firms. The primary purpose is to allow you to make referrals to increase opportunities for these firms. It should not be used to support mailing lists or directories for outside organizations.
Business Plan Writer a free and easy tool will allow you to create your business plan online. We give you tips to help you along the way. Our business plan writer will help you create and maintain your business plan. You can create multiple versions or different plans for different concepts. You can stop at any time and come back to where you left off. When you are ready to print, just print your plan from the software and your ready for the next step!
Resource Locator is a unique Internet tool, which allows you to search for specific resources that offer business-related assistance. Choose the U.S. geographical area in which you are interested in obtaining business assistance. Enter a city name or state and then select the type of service. Our high quality, up-to-date database, will search and display a list of resources.