 Minorities represent 26% of the population of the United States, but minority businesses represent only 9% of total businesses, 4% of gross receipts - and 2-3% of total corporate purchases. Minority business are one of the fastest growing business segments, and they are well positioned to contribute both to job growth and to the overall economic health of minority communities and the country as a whole. According to the Bureau of the Census, by the year 2020, the minority population will represent approximately 37% of the total U.S. population and by 2050 will exceed 50% of the total population.
Corporations benefit from minority business procurement programs through expansion of their markets, a larger pool of qualified suppliers/contractors, cost savings, and greater quality due to increased competition. Many corporations see a direct correlation between minority business development and corporate economic development efforts in the communities where they do business. As customer demographics move to a higher and higher percentage of minorities, corporations comfortable with cultural diversity and change will be the ones that thrive. Forward-looking corporations see minority business development as a value-added way of doing business, as well as part of being a good corporate citizen. |
