Once again, the U.S. Small Business Administration (SBA) has indicated they will continue to support businesses owned by blacks and minorities through it's continued partnership with the Minority Business Roundtable (MBRT). The MBRT is a membership-based non-profit organization for CEOs who are African-American-, Hispanic-American-, Asian-American-, and Native-Americans who own top businesses. Together, the two organizations will help take minority businesses to the next level.
The importance of supporting small business
Small businesses contribute greatly to the U.S. economy, and many are owned by minorities. Providing them with more opportunities for government contracts and lending will ensure their growth and success within the nation's economy. How will the two organizations work together to accomplish this? The SBA develops many programs that support small business. MBRT serves as the voice for minority entrepreneurs and will ensure that program information reaches minority business owners. The two will meet together and share in ongoing discussions that will strengthen small business endeavors.
How SBA supports small business
A total of $6.5 billion were approved by SBA in business loans to minority business owners in 2014. About 28 percent of the SBAs loans go to minority owned businesses. Loans to African Americans, in particular, increased 36 percent in 2014. Billions of dollars in federal contracts were also awarded to Small Disadvantaged Businesses (SDBs), exceeding their 5 percent goal with a total of 8.61 percent contracts awarded in 2013.
The two organizations began to work together in 2010. They have publicly announced their goal to continue to improve opportunities for minority businesses by extending their partnership.
For more information, visit www.sba.gov/content/sba-minority-business-roundtable-renew-partnership-expand-outreach-minority-entrepreneurs-0