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Minority small business to drive U.S. economy

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(Special to New America Media from China Press) — The growth of minority-owned small businesses will be one of the main forces driving the U.S. economy forward, reports the China Press.

At the 2009 Minority Business Summit, U.S. Secretary of Commerce Gary Locke explained that the Minority Business Development Agency aims to grow the number of small businesses in ethnic communities to reflect the country’s changing demographics. This could lead to the creation of 16 million jobs, $2.5 trillion in annual revenue and $100 billion in tax income, reports the China Press. Representing 99.7 percent of all business, small business is the backbone of the U.S. economy, the newspaper reports.

Although Asian Americans only account for 4.6 percent of the U.S. population, the China Press reports, their GNP contribution surpasses all other ethnic groups including African American, Hispanic, Native American and Alaskan.

This article was originally published in the September 7, 2009 print edition of The Louisiana Weekly newspaper

Posted at The Louisana Weekly newspaper -

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