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National Minority Enterprise Development Week

“During this year’s National Minority Enterprise Development Week, the Biden-Harris administration should be ashamed of their terrible record and economic policies that continue to create more obstacles for America’s minority-owned businesses to not only survive, but thrive. With the Biden labor crisis, Black unemployment at nearly 9%, runway inflation, rising gas prices, and Democrats pushing to make businesses vulnerable to crime through calls to defund the police, minority owned businesses are being dealt a bad hand by this administration.” - Paris Dennard, Republican National Committee National Spokesperson and Director of Black Media Affairs

 

September 19-25 is National Minority Enterprise Development Week (MED Week), and the Biden-Harris administration is hurting minority-owned businesses  

  • The Minority Business Development Agency (MBDA) acknowledges the accomplishments of minority business owners.
  • MBDA was created by Republicans in 1969 under the Nixon Administration by Robert J. Brown.
  • According to the U.S. Small Business Administration, minority-owned businesses provide employment for 8.7 million people.
    • 99.9% of minority-owned businesses are small businesses.
    • Minorities also own approximately 1 million businesses.
    • 32% of the population consists of minorities, but minorities only own 18% of businesses in America.

Because of the Biden-Harris administration’s policies, many minority businesses are struggling to stay afloat

  • The 2021 MED Week theme is “Reimagining Opportunity: Building Back Better, Together,” but the term “together” is clearly not inclusive to everyone – especially struggling Black American small business owners.

 

 

  • Bad Biden-Harris policies like a 2.9 trillion-dollar tax hike, forced vaccine mandates on private businesses, attempts to mandate job-killing minimum wage hikes, draconian COVID restrictions, and rising costs for gasoline and natural gas are having a negative impact on these businesses. 
  • In Georgia, the Biden-Harris administration and Georgia Democrats contributed to the loss of an estimated $100 million in revenue that Atlanta’s Black entrepreneurs and workers could have benefited from.
  • According to Forbes, “Black-owned small businesses that are low credit risks are half as likely as white-owned firms to receive all the financing they seek. Equally astonishing, white-owned small businesses are twice as likely as their Black peers to receive all financing sought even when they are a medium/high credit risk.”
  • A recent Goldman Sachs survey highlighted that 51% of Black-owned small businesses say they have “less than three months of cash reserves in the case of an emergency or a COVID-19 related shut down.”

Bottom Line: Minority businesses were better served with President Trump working with Congressional Republicans. America’s minority entrepreneurs deserve stronger economic leadership because while Joe Biden promised to “Build Back Better,” his economic policies are not helping minority business owners.

 

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