10 Resources for Minority-Owned Businesses

Minority-owned businesses play an important role in the U.S. economy, contributing more than $1.4 trillion in annual gross receipts. While the estimated 8 million minority-owned businesses have seen growth over the years, many new business owners may seek help to get established. Additionally, minority-owned businesses that have been hit hard by COVID-19 shutdowns and restrictions may also be seeking out resources to help keep them afloat.

Here are 10 organizations or agencies that can help minority-owned businesses with guidance, financial assistance and more.

Black Business Association

The Los Angeles-based Black Business Association (BBA), which celebrated its 50th anniversary in 2020, was founded with the mission to advocate and promote the development of African-American-owned businesses. Members of the association have access to events, training, networking and a voice in shaping policies that can help Black-owned businesses.

Code2040

Code2040, a San Francisco-based nonprofit that is working to bring racial equity to the technology sector, has a unique role to offer minority-owned businesses focused on tech. On one hand, the organization hosts events, training and knowledge sharing that are applicable to Black and Latinx founders. Code2040 also plays a role in connecting Black and Latinx college students with careers at established companies including minority-owned firms.

Minority Business Development Agency

The Minority Business Development Agency (MBDA), part of the U.S. Department of Commerce, works to provide assistance to minority-owned businesses all over the country. MBDA Business Centers offer a wide array of services to minority-owned enterprises, including technical assistance, training and access to capital, contracts, and new markets.

National Hispanic Business Group

The New York City-based National Hispanic Business Group (NHBG), a membership organization that is open to Hispanic entrepreneurs, business owners and professionals at the level of vice-president and above, works to create business opportunities for its members. The NHBG hosts events including an annual gala and “meetings with corporate executives from a cross-section of industries looking to include diversity in their business plans and enhance their minority vendor programs.”

National Minority Supplier Development Council

The National Minority Supplier Development Council (NMSDC), the most important certification organization for minority-owned businesses, provides a variety of services for its members. Its most prominent role is being a connector that matches members with corporations who wish to purchase a portion of its products and services directly from minority-owned businesses. The NMSDC also offers educational programming, business fairs and networking opportunities.

SCORE

While the national organization SCORE is not solely dedicated to assisting minority-owned businesses, it is broadly recognized for its ability to provide free business mentoring and education to businesses. Small minority-owned businesses can be connected for free with one of SCORE’s more than 10,000 mentor volunteers for guidance. It also offers free webinars and interactive courses on a range of small business topics.

Small Business Administration

The Small Business Administration (SBA), part of the federal government, offers certification to minority-owned businesses with a program called 8(a). Businesses with 8(a) certification are eligible to win federal contracts and take part in a program where mentor businesses provide development assistance to protégé businesses. Additionally, 8(a) businesses can take part in the SBA’s 7(j) program, which helps minority-owned businesses with things such as training, executive education and one-on-one consulting in the areas of “marketing, accounting, opportunity development and capture, contract management, compliance, and financial analysis.”

U.S. Black Chambers

The U.S. Black Chambers (USBC) supports more than 130 individual African-American chambers of commerce and business organizations around the country, who in turn create networking and advocacy opportunities for Black-owned businesses. The USBC also supports Black-owned businesses with company directory, podcasts, educational webinars and more.

U.S. Hispanic Chamber of Commerce

The U.S. Hispanic Chamber of Commerce (USHCC) promotes the economic interests of more than 4 million Hispanic-owned businesses and supports more than 200 local Hispanic chambers of commerce and business associations around the country. It also encourages increased capital investment from large public and private entities in Hispanic small businesses, supports international trade opportunities, and hosts events including an annual summit and online programming.

U.S. Pan Asian American Chamber of Commerce

The U.S. Pan Asian American Chamber of Commerce (USPAACC) is the largest non-profit organization representing Pan Asian Americans (which includes East, South and Southeast Asians and Pacific Islanders) and related groups in business. The USPAACC offers educational programming, assistance with pitching to potential investors and help to secure business contracts. Membership in the USPAACC includes large corporations, federal agencies and institutions, nonprofit organizations, and Asian American business leaders.

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