For my blog posts going forward, I (Heidi) will be interviewing the owners of minority- and woman-owned businesses. We will be digging into how they got their start, what their motivation was to become a business owner, and some of the obstacles they face. I hope this will help bring some business to these locally owned companies. I will also be compiling a list that will be available to you.
According to the National Minority Supplier Development Council, “Research indicates that minority- and female-owned businesses have traditionally had less access to debt and equity capital than their non-minority and male counterparts. For example, just 4% of conventional small-business loans go to women-owned businesses, according to a U.S. Senate Committee on Small Business and Entrepreneurship report, and Babson College found that only 3% of venture capital dollars are invested in companies with a female CEO. Studies show a similar funding gap for minority-owned businesses”.
When I go out to eat or shop I try to always be mindful of where I am spending my money. In my opinion, it is critical we choose to shop locally. “On average about 70% of the workforce of a black-owned business is black, for example, says Thomas Boston, CEO of Atlanta-based consulting firm and professor of economics at Georgia Tech. “And for every $100,000 of revenue that a black-owned business generates, that accounts for one additional job in that city. So when you are supporting those businesses, you are also helping to provide employment within the black community.”
Not only does the community thrive when we put our money into locally owned minority business, but on a more selfish note, we can find some tasty treats and fantastic bargains.
I am so excited to share all of my favorite businesses, restaurants and artists with you. I also encourage you to send me suggestions of some of your favorite minority-owned businesses to firstname.lastname@example.org. Tell me what business you think is Rochester’s best kept secret.
I will leave you with this tip for living your best life: go get some Sambusa at Nile Somalia Restaurant at 1205 7th St NW in Rochester. Trust me on this one.