From the White House, October 20, 2023, A Proclamation on Minority Enterprise Development Week, 2023:  

“During Minority Enterprise Development Week, we honor the innovators and job creators who run our minority-owned businesses and recommit to providing them with the resources they need to thrive and continue being engines of our economy. 

“Minority enterprises provide critical goods and services; generate nearly $2 trillion in revenue each year; and serve as reminders of realized American dreams and fulfilled hopes of economic mobility, community uplift, and generational wealth.  But even as minority entrepreneurs make critical contributions to our country, they still face barriers that prevent them from reaching their full potential.  Capital is frequently inaccessible to minority-owned businesses.  Firms owned by minorities are more likely to experience financial stress than those owned by non-minorities.  For too long, minority-owned companies had less access to Government contracts, keeping them from accessing some of the more than $650 billion spent by the Federal Government on purchasing goods and services.  These conditions have made it so people who have the skills, the drive, and the determination to succeed are often unable to win in our economy.” 
 

According to the U.S. Department of Commerce official website, The Minority Business Development Agency: Vital to Making America Great, “By 2044, the Nation’s prosperity will rely even more on minorities, the fastest growing segment of the population. Entrepreneurship is a sure pathway to wealth creation and a thriving national economy. Today, U.S. minority business enterprises (MBEs) represent 29% of all firms but only 11% have paid employees. If MBEs were to obtain entrepreneurial parity, the U.S. economy would realize 13 million more jobs.”