Become a Certified Minority Business Enterprise: What You Need to Know
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Minority business firms "accounted for more than 50% of the 2 million new businesses founded in the United States and produced 4.7 million employment during the last ten years," according to the U.S. Senate Committee on Small Business & Entrepreneurship. Even though there are over 4 million minority-owned businesses in the country, the Minority Business Development Agency of the U.S. Department of Commerce has published data that reveals startling facts that further the systemic injustice faced by minority-owned firms: Compared to white business owners, minority-owned companies are less likely to be authorized for funding, especially if their yearly sales are under $500,000. Smaller loan amounts, higher interest rates, and quicker payback terms are given to minority-owned enterprises. Non-white people depend less on savings and have less collateral to use as security for loans because they have a lower net worth. Numerous companies, such as Facebook, Microsoft, Google,