home about categories posts news
discussions archive recommendations faq contacts

The Crucial Role of Minority Business Development in the U.S. Economy

December 24, 2024 - 18:19

The Crucial Role of Minority Business Development in the U.S. Economy

The development of minority businesses is essential for the economic health of the United States. Eric Morrissette, the Deputy Under Secretary of Commerce for Minority Business Development, recently highlighted the staggering statistic that over eight trillion dollars of potential economic output remains untapped due to the underrepresentation of minority businesses. This amount approximates one-third of the nation’s GDP, which raises concerns about the country's global competitiveness.

Morrissette emphasized that the racial divide serves as a significant barrier, creating a wedge that hampers progress. He argued that fostering an inclusive environment where all individuals have equal access to opportunities is vital for economic growth. Successful minority businesses not only contribute to their local communities but also provide employment opportunities, helping to alleviate poverty and promote entrepreneurship.

Morrissette's work at the Minority Business Development Agency is focused on ensuring that everyone has the chance to succeed without unnecessary barriers. By promoting equal access to resources and opportunities, the agency aims to empower minority entrepreneurs, ultimately benefiting the entire economy.


MORE NEWS

Which Kentucky Businesses Were Damaged in Wednesday's Tornado?

April 3, 2025 - 20:01

Which Kentucky Businesses Were Damaged in Wednesday's Tornado?

A powerful tornado swept through parts of Kentucky on Wednesday, leaving a trail of destruction in its wake. The towns of Jeffersontown and Middletown were particularly hard-hit, with several local...

Women Entrepreneurs Transforming the Business Landscape

April 3, 2025 - 19:17

Women Entrepreneurs Transforming the Business Landscape

The Gusto Report highlights a remarkable trend in the world of business formation, showcasing the growing number of women entrepreneurs making their mark. As more women step into leadership roles...

Why Would the U.S. Tariff Their Best Friends?

April 3, 2025 - 09:19

Why Would the U.S. Tariff Their Best Friends?

A shipping facility in Vermont has emerged as a lifeline for a Canadian skin care business navigating the complexities of U.S. tariffs. In a strategic move to minimize costs, the company has...

Candidates Compete for Deanship at LSU’s E.J. Ourso College of Business

April 2, 2025 - 17:41

Candidates Compete for Deanship at LSU’s E.J. Ourso College of Business

Four candidates are set to interview for the prestigious position of dean at LSU’s E.J. Ourso College of Business from April 6 to April 17, as announced by the search committee on Wednesday. This...

read all news
home categories posts about news

Copyright © 2025 Bizrux.com

Founded by: Baylor McFarlin

discussions archive recommendations faq contacts
terms of use privacy policy cookie policy