The impact of minority-owned businesses is important not only to domestic economy, but the world at large. Minority business export activity has been on the rise for quite some time, and minority owned firms in the US are twice as likely to generate business abroad than non-minority-owned companies. This, when paired with the growth of business in foreign markets, can be a huge earning potential for minority-owned businesses in the United States.
Between 1992 and 2009, American minority-owned businesses completed transactions in 41 countries across all continents (excluding, of course, Antartica). Of these countries, Mexico, Brazil and the Dominican Republic account for 52% of all transactions among those in which the foreign market was explicitly identified. Business is expected to improve, thanks in part to the National Export Initiative (NEI), an initiative of President Obama designed to double exports in the next five years. Through this act, funding is provided to improve access to credit, especially for small- and medium-sized businesses; expand the Administration’s trade advocacy efforts; and remove the barriers that prevent U.S. companies from getting access to foreign markets.
With these actions by the federal government and the already increasing amount of foreign business with minority-owned firms, more growth seems to be a guarantee.
