Over the last 18 months, small businesses have faced an existential threat. At least that’s what the Harvard Business Review is calling it. With small businesses —defined as businesses with fewer than 500 employees — accounting for 48% of American jobs and 43.5% of GDP, these companies are essential to the economy yet incredibly fragile. They have few financial resources and little support from the federal government in times of need.
Even with the $349 billion in loans and assistance for small businesses that the CARES Act set aside, the current small business landscape is troubled.
· Numerous small businesses have shut down and/or laid-off workers
· Most small businesses are cash strapped
· Small businesses remain uncertain about how long pandemic disruptions will last and how long they will affect their business operations
And this doesn’t even touch on minority-owned small businesses. In the U.S., entrepreneurs of color operate more than 8 million businesses and generate $1.4 trillion in revenue, according to the Small Business Majority.
Unfortunately, despite these contributions, people of color repeatedly run into obstacles that their white counterparts do not face. These include access to capital, business mentorship, and services like retirement healthcare benefits. COVID-19 has exacerbated these issues for Black and Latino-owned businesses as they have faced the brunt of revenue loss and business closures
Why Do Small Businesses Matter?
Small businesses are critical to our economy because they provide opportunities for entrepreneurs, create greater job satisfaction, and foster local economies. This means that money is spent close to home and helps to support neighborhoods and communities, even during tough times. Helping small businesses is also essential for equity, and it’s important to keep in mind that both minority and women-owned businesses have lower survival rates during recessions. America wouldn’t be the same without small businesses, and this is why the government should work to uplift them through various efforts.
Finding a Solution for Minority Small Businesses
At the 2022 Minority Government Contracting Business Summit, we’re bringing together the following groups across the nation:
· 200+ prime contractors (both officers and experts)
· Subcontractors
· Business leaders
· Military officials
· Financing experts
· Defense agencies
At the summit, we’ll provide and prepare minority contractors, subcontractors, and small businesses nationwide with the latest information on government contracting funding in the FY2022-FY2023.
The largest government agencies will join us for a huge match-making event all about contracting. Our hands-on workshops will help you prepare for Quarter 4 Funding Distribution.
Final thoughts
Our goal in hosting the 2022 Minority Government Contracting Business Summit is to assist minority businesses in working with the #1 customer in the world. If you want to attend, visit here www.minoritygovconbusiness.com to get tickets. We look forward to seeing you there!
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