During Black History Month, we celebrate the contributions of Black Americans to this country, while we acknowledge the obstacles that they overcame along the way. Although the journey toward equality started centuries ago, Black Americans and communities of color still face ongoing challenges. Minority business owners have been hit harder economically than non-minority business owners due to the COVID-19 pandemic. The Council recognizes the unique burdens of Black-owned businesses and commits to creating a better future for them, our Black and brown communities, and our nation. As set forth by President Biden, Black History Month’s 2021 theme focuses on “Black Family: Representation, Identity, and Diversity.” The Council supports this call to action by providing meaningful and actionable opportunities for our MBE family to financially and economically advance our communities, while we continue to work on diversifying our nation’s supply chains.
According to McKinsey, the racial wealth gap is estimated to cost the U.S. economy up to $1.5 trillion (in 2018 dollars) per year by 2028. Experts agree that minority entrepreneurship and business ownership play a crucial role in developing community wealth and closing this gap. Additionally, Black-owned businesses frequently hire employees of color. These facts prove that the prosperity of MBEs significantly impacts minority communities. Here at The Council, we know the potential within Black businesses to overcome adversity, and we stand firm to bolster their success.
The Council offers meaningful business development opportunities to minority businesses, including regular webinars, networking sessions, and exclusive mentoring opportunities. We give Black and minority business owners the tools needed to succeed. Then, we forge lasting connections, both among MBEs and corporate members, as well as between MBEs. Black History Month offers us a chance to reflect on our progress, assess our challenges, and continue making strides toward a powerful minority business community that benefits every member of our diverse nation.