WASHINGTON, D.C.- This past week we celebrated the 21st Anniversary of Minority Enterprise Development (MED) Week. During this annual event, we recognize the importance of minority businesses to our economy. We also acknowledge corporations and financial institutions that have supported minority owned businesses throughout the years.
MEDWeek (http://www.medweek.gov) is sponsored by the Department of Commerce's Minority Business Development Agency (MBDA) and the Small Business Administration (SBA). Through their efforts, and those of supporters across the country, small businesses, particularly in minority owned small businesses, continue to grow. Across the board minority owned businesses are on the rise. There was a 16 percent increase in women owned businesses, an 84 percent increase of Native-American businesses, a 30 percent increase in Asian owned businesses, a 26 percent increase in African-American businesses and a 30 percent increase in Latino owned businesses.
For years small businesses have been the backbone of our economy. From our local pharmacies to our dry cleaners to our local convenient stores, small businesses are an integral part of our lives.
Currently, small businesses create two-thirds to three-quarters of new jobs, and they employ 51 percent of private sector workers, 51 percent of workers on public assistance and 38 percent of workers in high tech jobs. Small businesses have also made significant advances in federal contracting. Currently, small businesses hold one-third of all federal government contacts for goods and services, thanks to the successful 8(a) program and the newer Historically Underutilized Business Zones (HUBZone) Program.
The HUBZone program was designed to provide small businesses in economically distressed areas the opportunity to compete for federal contracts, and San Antonio was the site of the first HUBZone contract. These business opportunities in turn provide economic development, create jobs and attract private investments, thus stimulating the economy.
Last month, I was privileged to participate in the announcement of a new online HUB Zone training program that will help small businesses expand opportunities in distressed areas. The online tutorial is hosted by the Air Force Outreach Program Office at Brooks City-Base (http://www.airforceoutreach.org/learningcenter/launchpage.htm), which is charged with expanding federal contracting and partnership opportunities for small businesses. I appreciate the Air Force Outreach Program Office and its work to educate small businesses about opportunities and resources available to them. By helping small businesses with the information they need to compete for contracts, not only are we helping those businesses but we are also helping to build a stronger, more economically sound community.
Small business owners are men and women who took a chance to start up a new enterprise, to provide jobs in their communities, and to bring new and improved products to the marketplace. With efforts from the MBDA and SBA, and through programs such as the 8(a) and HUBZone programs, we are giving our communities, our cities and our country a chance at a brighter future. By investing in small businesses we are investing in the lifeblood of our nation. We are investing in the future.
So next time you are picking up your dry cleaning or picking up a carton of milk from the corner store, take the time to meet the owners of that establishment and let them know you appreciate their hard work. If you are the owner of a small business, on behalf of myself, our communities and our nation, thank you.
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