For current or inspiring minority or women-owned business, it’s challenging to scale up and gain access to capital to start or expand a business. According to the U.S. Senate Committee on Small Business and Entrepreneurship, the number of minority businesses accounted for more than 50 percent of the two million new businesses started in the United States over the last decade creating 4.7 million jobs. This significant impact reveals that the future of economic growth in the US will be dependent on this group and those that come after. In order to continue to fuel and sustain our economy’s growth and provide thriving opportunities for all, it’s crucial that business policies and investments support and strengthen diverse business ownership.

Not only is minority and women business ownership growing, but the minority population is expected to rise to 56 percent of the total population in 2060 according to the U.S. Census Bureau. This will reflect in an increasing number of minority individuals who are looking to lead and grow in our future workforce, thus emphasizing the need to invest and expand opportunities.

Melissa L. Bradley, founder of Project 500, shared that the predicted demographic shifts of minority to majority will create a need for the ‘new majority’ to be economic drivers to the economy in order to preserve the U.S. standing as a market leader and producer. She also mentioned that these businesses have the potential to create even more jobs and revitalize distressed communities leading to improved economic stability in disinvested neighborhoods. It’s apparent that these business owners are committed to the community they live and serve in and want what’s best for the people around them. However with limited access to capital, they have very little room to expand.

Resources such as access to business networks and skill development can greatly assist individuals who are eager to start a new business.