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Focus: Black-owned businesses in the supply chain
Trifecta of challenges
USBC’s Ron Busby: Black businesses on life support
By Stephanie Anderson Forest
Before COVID-19, Black business growth was on the
rise. According to a recent survey by the Service Corps
of Retired Executives, or SCORE, between 2012 and
2018, Black business owners saw their total annual
revenue grow by 23% — twice as fast as overall employer
businesses in the United States. In addition, the
report found that Black business owners added employees at double
the rate of all other U.S. businesses, growing staff by 24% compared
to 10.8% of all small businesses during the same time period.
However, SCORE — the nation’s largest network of volunteer, expert
business mentors — found that COVID-19 has significantly impacted
Black business success, with only 8.8% reporting profitability
and growth.
Still, there is reason for Black-owned businesses to be cautiously
optimistic given early indications from President Joe
Biden’s administration.
Ron Busby,founder and president and CEO of U.S.Black Chambers
Inc., recently co-hosted a virtual roundtable with Vice President Kamala
Harris and Treasury Secretary Janet Yellen to discuss the American
Rescue Plan with members of local Black chambers of commerce.
He said the event with Harris and Yellen was especially meaningful
given that it occurred in the first 30 days of the Biden presidency,
“showing intention from Washington.”
Busby said the Vice President and the Secretary both stated their
concerns not only regarding disproportionate challenges facing the
Black business community but also the administration’s commitment
to addressing the needs of Black-owned businesses.
“USBC believes this is the first in many conversations we will have
with the Biden administration,” he said. “Many elements of the administration
’s plan complement the advocacy efforts USBC has outlined
in The BLACKprint, which is on our website.”
The 2021 BLACKprint is a set of principles that guide the U.S.Black
Chambers’ policy priorities. He said the document lays out a clear vision
for policymakers to move the needle on policies that strengthen
the Black business community and help Black Americans thrive in the
decades ahead.
“Beyond noting the honor of co-hosting this pivotal meeting [with
Harris and Yellen],” Busby said, “we are laser-focused on holding the
administration accountable in the spirit of collaboration, and we look
forward to playing a significant role in any proposed policy solutions.”
Ron Busby, founder and president
and CEO, U.S. Black Chambers Inc.
“We are laser-focused on holding the [Biden-Harris]
administration accountable in the spirit of collaboration, and
we look forward to playing a significant role in any proposed
policy solutions.”
— Ron Busby
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32
MBN USA Vol. 1, 2021
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