Technology Levels the Playing Field for Minority-Owned Businesses
September 2003 (Newstream) -- Have you ever wondered about that temp worker who shows up at your office? In 1978 Janice Bryant Howroyd was temping for her brother-in-law at Billboard magazine, where she discovered she had a knack for solving office problems. Armed with $967 in personal savings and $533 in loans from her family, Howroyd leased a small office. Today Howroyd's company ACT 1 has over 90 offices with 290 full-time employees generating almost 500 million in 2002.
As the Small Business Administration marks its 50th anniversary this week, close to 15 percent of America's small business owners are minorities -- and the trend of minority ownership is accelerating.
More than three million minority-owned small businesses are providing job opportunities for millions of Americans in thousands of communities across America. In addition, the rate of growth for black-owned businesses is 25 percent compared to the 7 percent growth rate for business overall.
According to the Small Business Administration:
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As the Small Business Administration marks its 50th anniversary this week, close to 15 percent of America's small business owners are minorities -- and the trend of minority ownership is accelerating.
More than three million minority-owned small businesses are providing job opportunities for millions of Americans in thousands of communities across America. In addition, the rate of growth for black-owned businesses is 25 percent compared to the 7 percent growth rate for business overall.
According to the Small Business Administration:
- Close to 15 percent of America's small business owners are minorities -- and the trend of minority ownership is accelerating. More than three million minority-owned small businesses are providing job opportunities for millions of Americans in thousands of communities across America. (According to SBA)
- The number of black-owned businesses has doubled and revenue has tripled since 1987 (according to SBA) These small businesses are growing at a rapid annual pace.
- The number of Women-owned businesses is growing at twice the rate of all U.S. businesses. Women are owners of 9.1 million businesses in the U.S generating more than 3.6 trillion in sales annually.
- 66 percent of Black Owned Business owners want to use technology to better manage their businesses.
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