Minority-owned businesses are a big deal for America’s economy. How big? They’re $1.4 trillion-big in annual economic output to the economy, directly accounting for 7.2 million U.S. jobs, according to the Minority Business Development Agency (MBDA).
Furthermore, minority-owned businesses are twice as likely to export as non-minority companies, three times as likely to have international operations, six times as likely to transact business in a foreign language, and are export leaders in 14 key industrial sectors, as reported by the MBDA.
Yet, despite these impressive figures, noted the White House, less than 10% of total eligible federal agency contracting dollars had previously made its way to Small Disadvantaged Businesses (SDBs), a category under federal law that Black-owned, Hispanic-owned, Pan Asian American-owned and Native American-owned businesses are supposed to be eligible for. In fact, for them, the figure is far less than 10%.
According to the White House, federal contract…
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