Advancement Of Black Economic Growth In Small Businesses
Recognizing the history and legacy of Black/minority entrepreneurship in the United States is essential, and as an affiliate of the National Minority Supplier Development Council, EMSDC has long strived to initiate growth and opportunity through Supplier Diversity channels for Asian, Black, Hispanic, and Native American MBEs. Today, in recognition of National Black Business Month, we would like to take a moment to discuss the advancement of Black economic growth in small businesses.
A Wide Gap That Needs To Be Closed
Much has changed since National Black Business Month was founded in August, 2004, with the number of Black-owned businesses increasing exponentially in recent years. Currently, there are 134,567 Black- or African American-owned businesses in the US, according to the most recent Census data. And last September, Bloomberg noted that, “After suffering a crippling blow early in the pandemic, Black-owned firms are seeing the strongest rebound among US racial or ethnic groups.” With that said, challenges and racial barriers still exist, including generational wealth gaps, struggles to secure capital and credit, and other inequities that impede the path to small business ownership. In a recent article titled, Building Supportive Ecosystems For Black-Owned US Businesses, McKinsey reports that Black Americans hold significantly less business equity than their white counterparts and tend to earn lower revenues in most industries. While community support and the recent growth in Black-owned businesses is helping to close the gap, there is still a long way to go.
How We Can Help
The Eastern Minority Supplier Development Council (EMSDC) is working to help close the gap by fostering the development of minority business enterprises. We are a 501(c) (3) non-profit organization and a regional affiliate of the National Minority Supplier Development Council with more than 1,750 corporate members. Our goal is to certify MBEs and connect them with member corporations that are committed to purchasing products, services, and solutions through Supplier Diversity channels. We understand the economic impact of minority-owned small businesses and provide the opportunity to increase exposure, gain professional development experiences, stimulate growth, and compete for awards recognition. While our outreach aims to address both national and international entities, our primary focus area includes Pennsylvania, southern New Jersey, and Delaware.
We invite you to learn more about EMSDC by visiting our website, and help us make a difference by supporting Black-owned small businesses at home and across the nation.
The Eastern Minority Supplier Development Council (EMSDC), a 501(c) (3) non-profit organization, is an affiliate of the National Minority Supplier Development Council (NMSDC). We certify and connect minority-owned businesses (Asian, Black, Hispanic, and Native American) throughout Pennsylvania, Southern New Jersey, and Delaware with member corporations that want to purchase their products, services and solutions. Our mission is to stimulate and support the economic development of minority-owned businesses and to better align them with corporations in an effort to initiate growth and opportunity through Supplier Diversity channels.