From left: Excel Supply CEO Irene Reyes; Senator Maria Cantwell; Secretary of Commerce Gina Raimundo; Jimmy Matta, Mayor of Brien and owner of Ahora Construction By. (Photo from Senator Maria Cantwell’s office)
Seattle-Earlier this month, Senator Maria Cantwell and U.S. Secretary of Commerce Gina Raimondo held a roundtable discussion with Asian American and other minority small business leaders and entrepreneurs from all over Washington. The Development Agency (MBDA) shared their experience.
Cantwell emphasized the need for increased federal support to help develop minority-owned businesses and create new jobs.
“75% of the employment growth in the United States comes from small businesses. Therefore, if there are no women or minorities to develop businesses, a large part of the population will be missed,” Cantwell said. “Therefore, it is imperative for MBDA to become a permanent program. It was created during the Nixon administration, but since it was never really authorized, people are arguing about how much money it will get or not get every year.”
During the pandemic, ethnic minority businesses have been hit hardest.
According to an analysis by the National Bureau of Economic Research, from February to April 2020, an estimated 26% of Asian companies, 41% of black companies, and 32% of Latino companies closed, while 17% of white companies closed. Owned enterprises are closed. On average, minority companies are more likely to be denied loans, earn less income, and are only half as likely to have employees.
