Minority business owners are finding their way in our new economy, and we can all benefit from their expertise. According to the U.S. Department of Commerce Minority Business Development Agency, U.S. minority business enterprises represent 29 percent of all firms. In addition, it’s estimated that “by 2044, the nation’s prosperity will rely even more on minorities.”
A recent article online at MBE magazine points out that a study by Rebirth Analytics shows minority suppliers made it through the shutdowns of 2020 better than many of their counterparts. “Financial health metrics are the best indicators of how a supplier will perform through disruptive market events, like the COVID-19 pandemic, and our study reveals that minority-owned businesses are displaying extremely high levels of resiliency through the crisis, and should emerge in a stable position post-crisis,” says Chonchol Gupta, CEO of Rebirth Analytics.
The benefits of partnering with a minority business enterprise are tangible: Certified MBEs show that their business recognizes the value of diversity and working with a minority-owned firm can open the door for future opportunities for your company.
In addition, you’re helping a small business owner get a head start with your partnership. Most MBEs are funded with savings, credit cards and a lot of hope. A partnership with an MBC strengthens the local economy, creates job opportunities and helps a small business owner succeed.
Doing business with an MBE isn’t just good business for you, it’s good business for the community. MBEs create jobs, create opportunities and create strong neighborhoods.
Taylor Oswald, a minority-owned firm and partner organization of Oswald Companies, takes a global view of risk in the areas of property & casualty, employee benefits and health management, personal insurance management, retirement plan services and life insurance. To learn more, visit www.tayloroswald.com.
(Sources: mbda.gov, globenewswire.com)
Note: This communication is for informational purposes only. Although every reasonable effort is made to present current and accurate information, Taylor Oswald makes no guarantees of any kind and cannot be held liable for any outdated or incorrect information. View our communications policy.
