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Entrepreneurial Finance, Third Edition: Finance and Business Strategies for the Serious Entrepreneur, 3rd Edition by Roza Makonnen, Steven Rogers

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9

Financing for Minorities and Women

INTRODUCTION

Minority- and women-owned firms are powerful economic forces in the small-business world. Minority-owned businesses grew more than twice as fast as U.S. firms overall between 2002 and 2007, increasing from 4.0 million to 5.8 million firms.1 The following statistics are from the most recent Survey of Business Owners, completed by the U.S. Census Bureau in 2010 (which reports on 2007 data)2:

• Minority-owned firms generated $1.03 trillion in annual revenue, of which 84% was generated by firms with employees.

• While Hispanics controlled the largest share of firms owned by minorities and constituted the largest minority business community, Asian-owned firms had the largest share of minority-owned ...

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