By Jeremy P. Feakins
“In the current financial environment, access to capital is as much an issue today as it was in 1969 when the Minority Business Development Agency (MBDA) was established. For new businesses, especially those that are minority-owned, having access to working capital—which is used to keep operations going and to pay bills—could mean the difference between the success and failure of that business.” – Minority Business Development Agency
Women and minorities each account for only 24% of small business owners in the U.S., and that’s something I’d like to see change.
Funding can be one of the biggest hurdles for aspiring minority business owners. To help with this issue, Bankrate.com created a guide that breaks down every option business owners have to raise capital. It also discusses how to start and grow your business as a new business owner. You can view the guide here: https://www.bankrate.com/funnel/personal-loans/#minority-business-capital
Providing adequate access to capital would support the minority business community and help them reach their business goals.
Investing in businesses owned by minorities not only makes perfect business sense but is an investment in the future growth of the U.S. economy. According to the Census Bureau, by 2050 the nation’s minority population will be the majority.
In other words, new businesses, new jobs, and new products will be strongly influenced by, if not created by, the minority community.