Minority small businesses are driving the U.S. economy, particularly women-owned firms. Forty percent of U.S. businesses are women-owned. Black women represent the fastest-growing segment of entrepreneurs, and there are over 2 million Latina-owned businesses in the country. Large corporations have become increasingly interested in supporting small businesses over the last two years. Just recently, Macy’s announced plans to invest $30 million to help minority-owned businesses in retail scale, and there have been a number of other announcements.
What’s important to note here is that many of these companies are in it for the long haul. When minority businesses thrive, business owners and employees reinvest those funds in their communities. Thriving communities stimulate a healthy economy, resulting in more discretionary spending, benefiting all businesses. But companies looking to partner with minority-owned businesses must do so from a place of empathy and authenticity. How organizations show up in diverse communities matters. Helping small businesses scale isn’t a box to be checked, but a long-term commitment to business equity.