Proclamation: Minority Enterprise Development Week 2024

The Facts -

  • Minority businesses generate $2 trillion yearly, vital for economic growth.
  • Efforts include loans, contracts, and laws to help minority businesses thrive.
  • 16 million jobs and 20 million new business applications since Biden took office.


Empowering Minority-Owned Businesses in America

Minority-owned businesses are vital to communities and crucial for economic growth. Investing in these enterprises is essential for expanding the economy from the grassroots level. When minority businesses succeed, job opportunities increase, generational wealth is built, and pride grows in communities. This Minority Enterprise Development Week, we honor the innovators driving minority-owned businesses and commit to providing resources for their success.

Economic Impact of Minority-Owned Businesses

Generating nearly $2 trillion annually, minority-owned businesses are significant economic contributors. These enterprises help individuals achieve the American Dream, fostering wealth and uplifting families. The Small Business Administration (SBA) has boosted access to capital, with loans increasing significantly for Asian American, Black, and Latino-owned businesses since 2020. The American Rescue Plan also allocated $10 billion for capital access and $500 million for initiatives like the SBA’s Community Navigators Program.

Government Initiatives Supporting Minority Businesses

An Executive Order aims to raise federal contracts for disadvantaged businesses to 15% by 2025, with over $208 billion already spent. The Bipartisan Infrastructure Law established the Minority Business Development Agency permanently. Programs like the Inflation Reduction Act and the CHIPS and Science Act focus on infrastructure and clean energy, benefiting minority-owned businesses. The Economic Opportunity Coalition also provides significant investments in underserved communities.

Creating Jobs and Opportunities

Since taking office, the Administration has created 16 million jobs, with 20 million new business applications filed. Unemployment remains low, and minority-owned businesses are growing. Federal contracts with Native American-owned companies rose by over $8 billion. Investments in educational institutions are preparing future entrepreneurs and business leaders, fostering generational wealth.

Minority Enterprise Development Week

Throughout America, stories of business revival and community pride abound. New businesses symbolize hope not just for owners but for entire communities. During Minority Enterprise Development Week, we celebrate the impact of minority-owned businesses on our economy and competitiveness. We renew our commitment to their success.

NOW, THEREFORE, I, JOSEPH R. BIDEN JR., President of the United States, proclaim October 20-26, 2024, as Minority Enterprise Development Week. I urge Americans to honor minority business achievements and promote economic equality.

IN WITNESS WHEREOF, I have set my hand this eighteenth day of October, 2024, in the two hundred and forty-ninth year of U.S. Independence.
JOSEPH R. BIDEN JR.

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