Pub. 10 2020 Issue 3

7 PUB. 10 2020 ISSUE 3 business growth by linking minority-owned businesses with the capital, contracts and markets they need to grow. They also serve as subject matter experts and advocates for the minority business commu- nity by providing free educational content and loan and grant opportunities, including a loan opportunity specifically for Black women business owners. National Minority Supplier Develop- ment Council (NMSDC) NMSDC’s mission is to connect minori- ty-owned organizations, big and small, with a vast network of corporate members who wish to buy products, services and solutions from minority-owned businesses. Corporate membership includes the largest public and privately owned companies, and health care companies, colleges and universities. NMSDC also helps businesses complete the minority business enterprise (MBE) certifi - cation process often needed to obtain other minority-owned business benefits. U.S. Small Business Administration (SBA) While the SBA services all U.S. small businesses, its 8(a) Business Development program specifically sets out to assist minori - ty-owned businesses, including Black-owned businesses, by providing revenue generation opportunities through government contract- ing. To qualify for the program, you must first certify your business is an 8(a) business, which you can do on the SBA website. Look Beyond Funding One commonality among the Black entrepre- neurs and business owners I’ve seen succeed is an unwavering focus on marketing their business and networking with everyone who is an ally. Funding is an essential factor in getting your business up and running, and maintaining capital is vital in ensuring your business continues to succeed, but often overlooked is the importance of networking with members outside the community to expand our reach. Our community is a good place to estab- lish connections and resources through all stages; however, continue connecting with those outside the Black community and expand relationships outside your typical market. Remember, a resource may not always be funding. A resource can be a mentor or an advocate willing to promote your product, service or brand. The Bottom Line All entrepreneurs share a lifelong dream of starting and growing a business. Unfor- tunately, Black entrepreneurs and business Funding is an essential factor in getting your business up and running, and maintaining capital is vital in ensuring your business continues to succeed, but often overlooked is the importance of networking with members outside the community to expand our reach. continued on page 8