Minority business enterprises (MBEs) certified by the National Minority Supplier Development Council (NMSDC) grew their revenues to $363.6 billion in 2023, representing a 15% gain from the prior year.
The growth for the business advocacy group’s Black MBEs advanced last year to $66.5 billion, up 12% from 2022. Revenue for Black women minority businesses (MWBEs) was $8.8 billion versus $7.9 billion during that period.
NMSDC President and CEO Ying McGuire shared with BLACK ENTERPRISE exclusively on the organization’s progress.
“In light of these excellent numbers, NMSDC is on track to reach their goal for MBEs to contribute $1 trillion to the U.S. economy by the year 2030,” McGuire said.
Regardless of the progress made in narrowing the disparity gap for Black businesses, more work needs to be done, according to the 2023 Minority Businesses Economic Impact Report from NMSDC.
For instance, the data revealed that Black MWBEs continue to fall short by making up just 13% of NMSDC’s overall revenue share compared to Black MBEs generating 18% of that. Further, Black MBE’s account for just 18% of all revenue even though they make up a robust 40% of the total NMSDC-certified MBEs.
The report concluded that the disparities offer an opportunity for NMSDC to create greater opportunities for MWBEs and Black MWBEs through programs like Women of Color: Hack in Heels Brunch. NMSDC declared it is committed to investing in more programs and building partnerships to fix the inequities.
“Everyone has a pivotal role to play and our corporate members and chief officers, are needed to fully integrate MBEs into every facet of their business. as they hold the key to MBE success and achieving economic equity.”
Other topics covered include leveraging the power of AI and developing strong growths strategies — discussed this week at the 2024 NMSDC Minority Business Economic Forum in Seattle. The event attracted about 500 of the nation’s top policymakers, academic, business, and community leaders to help MBEs scale up.
With the theme of “Be Next, Now,” this year’s conference centered on helping participants on gaining access to capital, forging valuable connections, advancing economic equity, and embracing new advancement in the energy sector and closing the digital divide with 5G and other opportunities.
Further, McGuire’s remarks touched on the recent national attacks on DEI and how they were a proof point NMSDC’s effectiveness
“Our future success lies in our willingness and our ability, to defend and to advance business diversity, amidst challenges of legal and political challengers, that threaten the very core of our purpose. So let us unite, and let us collaborate, to influence a multi-generational result.”
See more details about the forum, including this announcement.
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