Small Business Startup News

SBA Renews Partnership With Minority Business RoundTable

Written by Jenna Weiner
Published: 1/25/2010

The Small Business Administration's partnership with Minority Business RoundTable aims to encourage new minority-owned businesses.

For members of American minority groups trying to open a small business startup, news can often be daunting. The Small Business Administration Office of Advocacy's most recent data shows that obstacles for minority business owners are significant enough that the odds of a minority person starting a business are 55 percent lower than those of a nonminority.

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In light of data like this, the SBA announced today that it would renew its two-year partnership agreement with the Minority Business RoundTable. A national organization for minority CEOs, MBRT aims to serve as "a unified voice" for minority business leaders, advancing "opportunities for minority entrepreneurs" and supporting racial, ethnic and cultural integration in economic sectors.

SBA Administrator Karen Mills says that the importance of this partnership has only increased in "these difficult economic times." Describing it as "imperative" that small, minority-owned businesses have access to "the necessary tools to drive economic growth and create jobs in their communities," Mills says that helping these businesses attain "capital, contracts and other assistance" will be "a top priority for SBA and the Obama Administration."

The effort may be paying off. Business news for entrepreneurs belonging to minority groups is increasingly positive, showing that new minority-owned firms are growing at more than six times the rate of all firms in the U.S.

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