Promoting Equity in Entrepreneurship
At the Eastern Minority Supplier Development Council (EMSDC), our purpose is to stimulate and support economic development with minority-owned businesses (Asian, Black, Hispanic, and Native American) throughout Pennsylvania, Southern New Jersey, and Delaware. As one of 23 regional affiliates of the National Minority Supplier Development Council (NMSDC) across the United States, we strive to initiate growth and opportunity through Supplier Diversity channels, including certification, professional development and networking opportunities, and facilitating connections with member corporations. We invite you to visit emsdc.org to learn more about who we are and what we do and read on to gain valuable insight on the topic of equity in entrepreneurship.
Expanding Access to Capital
In a September 2022 podcast, Fred Ryan, publisher and CEO of The Washington Post, sat down with small business owners and the administrator of the Small Business Administration (SBA) to discuss “Entrepreneurial Equity” (a transcript of the conversation can be found here). At the start, Ryan noted that, “In the past decade, there’s been substantial economic growth among minority‑owned businesses, but substantial challenges remain.”
One such challenge for entrepreneurs of color is access to capital. The US Chamber of Commerce reports that, “Adequate financing is essential for starting and running a business, but American entrepreneurs don’t have equal access to capital. Lack of funding opportunities has been an ongoing issue and barrier for many minority-owned businesses, and these disparities have been especially highlighted throughout the COVID-19 pandemic.”
Thankfully, there are organizations and government agencies working to provide financial assistance to minority-owned businesses across the country, including the Small Business Administration, the Black Business Association (BBA), the Minority Business Development Agency (MBDA), the National Hispanic Business Group (NHBG), SCORE, and of course, the National Minority Supplier Development Council, to name just a few.
Building Powerful Partnerships
NMSDC and the Minority Business Development Agency signed a landmark alliance agreement this last fall to strengthen minority business enterprises and help build generational wealth for communities of color in the United States. NMSDC CEO and President Ying McGuire stated that, “NMSDC and the MBDA have a long, storied history of working together to create a more racially equitable economy. I look forward to embarking on a new era of partnership between the two organizations that will strengthen our efforts to reach $1 trillion in annual revenue generation for NMSDC-certified MBEs.”
Supporting the Future of Entrepreneurship
Insight Global reports that Gen Z is the nation’s most diverse generation yet. EMSDC is supporting this future generation of entrepreneurs through our Career Equity Internship Program (CEIP). The goal of CEIP is to “give black and brown college students access to professional experience in their field of study, positioning them for professional-track career opportunities post-graduation.” This is achieved through paid internship opportunities with “diverse businesses in Pennsylvania, New Jersey, and Delaware and MBE employers and Fortune 100, 500, and 1000 companies located in the region.” To learn more, click here.
EMSDC is grateful for the corporations, minority businesses, and governmental organizations and agencies who partner with us annually to help us carry out our mission, and we hope you will join us in promoting equity in entrepreneurship.
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.