How to help minority-owned small businesses expand their businesses globally

September 2, 2008

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It has been 25 years since then-President Ronald Reagan proclaimed the very first Minority Enterprise Development Week, or MED Week. Since then, every President has issued a Proclamation designating a week for minority business owners to gather, speak with government officials, be honored for their achievements, and – perhaps most importantly – share ideas and innovations with each other.

By Jovita Carranza, SBA Deputy Administrator

At the time, minority-owned small businesses were among the fastest growing sectors in the American economy, despite the significant challenges they faced, among them gaining access to capital and federal contracting opportunities.

This year’s MED Week conference, the largest federally sponsored event held for minority businesses each year, will be held on Sept. 3-5 in Washington, D.C. at the Omni Shoreham Hotel. The event is co-hosted by the U.S. Small Business Administration and the Minority Business Development Agency of the U.S. Department of Commerce. To learn more information about the details for the event, visit www.medweek.gov or to attend one of SBA’s local MED Week events around the country.

The focus this year is on helping minority-owned businesses turn today’s economic challenges into opportunities by forming partnerships with enterprises domestically and overseas. The theme – “The Power of Strategic Alliances and the Global Economy” – is timely because of the opportunities international commerce offers to form partnerships and alliances, combine resources, tap into new markets, share financial risks and increase business capacity.

When minority businesses join forces with entities in Africa, Asia, Latin America and the Caribbean, they gain access to a larger pool of human resources and raw materials and expose their companies to new export markets, creating a larger base of customers and more room for innovation, competitiveness and growth.

Med Week provides a critical opportunity for the public and private sectors to have a continuing dialogue about the strength of our economy and the vital role of minority entrepreneurs and their firms in keeping America strong and competitive. MED Week also offers minority entrepreneurs and business owners an opportunity to showcase their strength and to network with some of the nation’s foremost business strategists, investors, contracting officers and policy makers.

In the last 25 years, the number of minority-owned businesses in this country has nearly tripled. With more than four million minority firms contributing creating jobs and opportunity, with 4.7 million employees and $661 billion in annual revenues, minority-owned businesses are still among the fastest growing sectors.

Why is that? It is largely because of their spirit of entrepreneurship, the combination of hard work and calculated risks people take to keep their businesses successful. It is also because we are all privileged to live in a nation where that kind of drive and dedication can take you anywhere, where the only thing limiting us is ourselves.

I am so proud to work for a President who understands small business. President Bush gets it. He knows that small businesses create jobs and create wealth. He understands that helping small businesses leads to a strong economy and a strong nation.

The President understands that the demographics of entrepreneurship are changing. It’s no accident that this administration has accomplished historic results for all small businesses, especially emerging market small businesses. Encouraging and helping minority-owned businesses isn’t just the right thing to do. It’s the smart thing to do for today’s economy and for the future.

Rena Carlson Business Development Specialist Montana SBA District Office 10 W. 15th St., Suite 1100 Helena, MT 59626 406.441.1086 202.481.4195 FAX lorena.carlson@sba.gov

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