The State of Minority Business

According to the MBDA report of over 4.1 million minority-owned businesses, minority-owned firms generated over $668 billion in annual sales, and employed about 4.7 million people in 2002. Businesses grossing over $500,000 annually in sales represented 75 percent of all minority annual gross receipts and 73 percent of all employees in the minority business community in 2002. These firms provide millions of people with steady jobs and create wealth in minority communities. Empowering minority entrepreneurs and accelerating their level of productivity is critical to strengthening U.S. competitiveness nationally and worldwide. Although minority-owned firms are increasing in number at a faster pace than the rate of the minority population, the gap in annual gross receipts slightly widened when compared to the share of the minority population. Read more about the state of minority business (.pdf)