ESG
classifications include small-business enterprises ( SBEs ), woman-owned enterprises ( WBEs ) and minority-owned enterprises ( MBEs ). However , today the definition of diversity also encompasses businesses owned by other minority groups such as LGBTQ .
According to the US Senate Committee on Small Business & Entrepreneurship , “ over the last ten years , minority business enterprises accounted for more than 50 per cent of the two million new businesses started in the United States and created 4.7 million jobs . There are now more than four million minority-owned companies in the
United States , with annual sales totalling close to $ 700 billion .
“ Yet , despite that growth , there is still a disparity when it comes to access to capital , contracting opportunities and other entrepreneurial development opportunities for minority-owned firms .” Although minorities make up 32 per cent of the US population , minority business ownership represents only 18 per cent .
Supplier diversity , it ’ s good for business Now , more than ever , people ( and not just millennials ) are aligning their actions with their values and are looking to buy from
104 April 2021