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Presenters: NC Department of Revenue, Internal Revenue Service,
Dept. of Commerce Division of Workforce Solutions, Small Business Administration

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SEMINAR SERIES THROUGH NORTH CAROLINA

Number of Minority-Owned Businesses Increases but Economic Parity Remains Elusive

Posted On: Tuesday July 13th, 2010 at 10:00am EDT

FOR IMMEDIATE RELEASE

July 13, 2010

The U.S. Commerce Department’s Minority Business Development Agency (MBDA) and the U.S. Census Bureau today announced that the number of minority-owned firms increased by 46 percent to 5.8 million between 2002 and 2007 according to data from the Preliminary Estimates of Business Ownership by Gender, Ethnicity, Race and Veteran Status: 2007, from the U.S. Census Bureau’s 2007 Survey of Business Owners.

“It is encouraging that the minority business community is growing and making progress relative to all U.S. firms, but economic parity remains elusive,” MBDA’s National Director, David A. Hinson said. “While the number of minority-owned businesses continues to grow, they are still smaller in size and scale compared to non-minority-owned firms.”

In 2007, average gross receipts for minority-owned firms increased to $179,000 from $167,000 in 2002 - still well below gross receipts for non-minority-owned firms, which had average gross receipts of $490,000.

“We must continue to close this gap,” Hinson said. “It is unacceptable, particularly during an economic crisis that disproportionately affects the minority business community, to have this ongoing disparity.”

As the nation’s population demographics change, so too has the United States business community. Specifically:

• Between 2002 and 2007, the number of minority firms grew by 46 percent, compared to 18 percent for all U.S. firms, and compared to 13.7 percent growth for the minority population age 18 and older, during the same period.
• Minority-owned firms employed approximately 5.9 million people in 2007, up from 4.7 million in 2002.
• Asian-owned firms grew 41 percent to 1.6 million from 2002. Asian-owned firms continue to generate the highest annual gross receipts at $510.1 billion in 2007, increasing 56 percent from 2002.
• The number of Hispanic-owned businesses totaled 2.3 million in 2007, up 44 percent from 2002. Receipts for Hispanic firms increased 55 percent to $343.3 billion.
• Black, or African-American-owned businesses grew to 1.9 million firms in 2007, up 61 percent from 2002 - the largest increase among all minority-owned companies; and generated $135.6 billion in gross receipts, up 53 percent from 2002.
• There were 237,203 American Indian and Alaska Native-owned businesses in 2007, up 18 percent from 2002, generating $34.2 billion in gross receipts, an increase of 27 percent.
• Native Hawaiian- and Other Pacific Islander-owned businesses totaled 38,854 in 2007, up 34 percent from 2002. While these firms’ reported the largest increase in receipts among all minority-owned firms in 2002 (63 percent), the total amount reached only $7 billion.
• Minority-owned firms employed approximately 5.9 million people in 2007, up from 4.6 million in 2002.

“The data on minority business growth clearly shows that minority-owned and operated firms are a significant contributor to the long term health of the United States economy,” Hinson said. “We must aggressively grow minority-owned firms and assist them in contributing to President Obama’s goal of doubling exports over the next five years.” 

The Obama Administration established the National Export Initiative earlier this year to support export and domestic jobs. Additionally, the Administration established the Interagency Task Force on Federal Contracting Opportunities for Small Businesses. With MBDA’s input, this task force will make recommendations to the President on how to increase government contracting opportunities for small and minority-owned businesses.

Minority-owned firms help fuel the engine that drives our economy and job creation. Success of the minority business community leads to the creation of more jobs, an expanded tax base, community benefits and global competitiveness. Their success will ultimately help drive the success and recovery of the American economy.

Click Links below to download the following Powerpoint Presentaions:

• MBDA - Census Survey of Business Owners Data Release - Final Version
• 2007 Survey of Business Owners Preliminary Estimates Released - 7/9/2010

Courtesy of:

State of Minds Profile: Andrea Harris
"Connecting minds to build success"

To Listen to the Podcast with Andrea Harris moderated by
Bobby McDonald on the NC Dept. of Commerce Website

At a time when businesses around the world might not feel like celebrating, Andrea Harris' enthusiasm for North Carolina's economic climate and spirit of collaboration is infectious.

"You just don't find in other states the level of collaboration and partnership that you have here," says Harris, president of the Institute of Minority Economic Development (IMED), a statewide nonprofit organization headquartered in Durham. As example of North Carolina's collaborative spirit, Harris cites the N.C. Dept. of Commerce and its partnerships with local agencies, colleges and non-profit organizations such as the N.C. Biotechnology Center. Read more at the NC Department of Commerce website...

A Great Success!

Event Snapshots
click on images below for more

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{vsig_c}0|enc2011_fanderson-bbrown-trailblazer.jpg.JPG|2011 ENC Robert J. Brown Trailblazer in Business Awardee - Franklin R. Anderson|Robert J. Brown (left) presents the "2011 Robert J. Brown Trailblazer in Business Award" to Franklin R. Anderson (right){/vsig_c}{vsig_c}0|enc2011_dmccomas-dmuldune-publicsvc.jpg.JPG|2011 ENC Public Service Awardee - Danial McComas|Daniel F. McComas (left), North Carolina State Representative and President of MCO Transport, Inc. accepts the "2011 Public Service Award". Also pictured are David Minor (center) and Farad Ali of NC Institute of Minority Economic Development (right).{/vsig_c}{vsig_c}0|enc2011_lbrown-smccormick-mbeofyear.jpg.JPG|2011 ENC MBE Excellance Awardee - Leah Brown| Leah Brown (far left), President of A10 Clinical Solutions, Inc. accepts the "2011 MBE Excellence Award". Also pictured (2ndfrom left to right) are Susan McCormick of A10 Clinical Solutions, Inc., Denise Gatling of GlaxoSmithKline and Farad Ali of NCIMED.{/vsig_c}

We look forward to another rewarding event in 2012.

We specialize in:

• assisting established businesses with our Minority Business Enterprise Center™;
• helping women who are interested in starting a business or growing their business with our Women's Business Center of North Carolina;
• providing financial and business education;
• and working with partners to eliminate minority health issues that affect the workplace.

NCIMED Client Lisa Anne Pineiro, 2009 NC Small Business Person of the Year (right), introduces President Barack Obama (left) at the 2009 National SBA Awards Banquet in Washington, DC.

CLICK TO VIEW VIDEO OF REMARKS FROM C-SPAN COVERAGE

The U.S. Small Business Administration has chosen Lisa Anne Pineiro, president of Durham-based Technical Services Inc., as the North Carolina Small Business Person of the Year for 2009.

TSI is a 78-employee recruiting firm that brought in more than $3 million in revenue in 2008.

Piñeiro is a former hairstylist who was searching for a good-paying job back in 1998 to support her daughter. Landing a position with a construction staffing firm, she soon reached the conclusion that she could provide a better quality of service herself.

She then launched TSI, which specializes in finding work electricians and other construction subcontractors.

With business slow after the terrorist attacks of Sept. 11, 2001, Pineiro looked for alternatives to generate income. She opened two Edy's Ice Cream parlors to help keep TSI afloat. For two years she scooped desserts while raising her daughter and running TSI from an ice-cream shop storeroom.

When the economy picked up, she sold the parlors and began to build her business.

SBA Person of the Year winners from 50 states, the District of Columbia, Puerto Rico and Guam will converge on Washington, D.C., in May for the unveiling of the National Small Business Person of the Year.

The criteria for the award include: staying power, business growth, response to adversity and community involvement.

TSI used a $75,000 SBA-guaranteed line of credit from Wachovia and help from the SBA Women's Business Center in Durham to get off the ground.

Source: Triangle Business Journal

HBCU Straight Talk Symposium 2008. (left to right - Dr. Johnnetta B. Cole, Dr. John Hope Franklin, Andrea L. Harris, Dr. William H. Cosby)

"We are deeply saddened by the passage of one of our founders, Dr. John Hope Franklin. He educated us, gave us context, and challenged us.  And yet, he was the most gentle of gentlemen with a quite spirit of courage, grace, and truth. In October of this year he joined us at our HBCU symposium, and gave us a failing grade on our contributions back to Historically Black Colleges and Universities. He told us we could and had to do better. Though we will miss him he surely left us with a legacy of knowledge and context, and he was a tremendous example of right and righteousness." - Ms. Andrea L. Harris, President, N.C. Institute of Minority Economic Development

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REMEMBERANCE: Historical John Hope Franklin Dies
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