According to the US Minority Business Development Agency (MBDA), by 2044 the foundation of the nation’s prosperity increasingly will rely on the fastest-growing segment of the population — “minorities.” Minority Business Enterprises (MBEs) now represent 29% of all US businesses and will be celebrated during National Minority Enterprise Development Week (MED Week) from September 19 to September 25 and locally during the 37th Annual Philadelphia MED Week from October 4 to October 8.
Personally, I don’t subscribe to designating entire segments of the population as “minorities” even when they are the majority population. It’s an institutionally racist term, in my opinion. But for the sake of this observance, I’ll relent. The US Small Business Administration defines a “minority” business as one in which at least 51% of the company is owned and runs on a daily basis by a member or collection of members of four ethnic groups: Black, Asian, Hispanic, and Native American.
This year, National MED Week, “Reimagining Opportunity: Building Back Better, Together!” will promote the expanded access to business capital, public contracting, strategic private commercial partnerships, and new market penetration by minority businesses which are inherently necessary to achieve the Biden Administration’s vision of economic equality for all Americans. Philly MED Week, “Unmute your Opportunities,” will focus on the challenges businesses faced during the pandemic.
Both observances include free virtual workshops, webinars, interactive panel discussions, coaching, matchmaking, networking, and more.
National MED Week includes discussions on Advancing Racial Equity and Support for Underserved Communities Through the Federal Government; The Community Bank Agenda: Minority Businesses & Banking; Alternative Financing; Regional Opportunities in Global Markets; Export Financing Solutions for MBEs; Equity in Procurement and much more. This year’s MED Week celebration will culminate with the 2nd Annual Buy MBE Day on Saturday, September 25. All events are free but require registration. For more details on events and to register, visit https://www.medweekconference.com/.
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Philly MED Week begins October 4 with “Phenomenal Women – Pause & Unmute – It’s Our Time!,” a virtual event from 6:00 PM to 8:00 PM EST, sponsored by the Philadelphia Women’s Network Connection, LLC in collaboration with Michelle Snow of the Michelle Snow Network. Enjoy an evening of inspiration, perseverance, and empowerment from three Black women business owners featuring discussions on how Black women thrived through the pandemic and were able to offer opportunities to others. There will be a Q & A after the discussion. The event is free, but registration is required. To register, go to https://www.eventbrite.com/e/phenomenal-women-pause-unmute-its-our-time-tickets-168816381341.
On October 6, from 1:00 PM to 2:00 PM, the Philadelphia Industrial Development Corporation (PIDC) presents a workshop, “The Rebuild Contract Line of Credit.” Rebuild CLOC provides support to small, minority, women, and disabled-owned businesses that need working capital to fund contract-related expenses. To qualify, contracts must be for a Rebuild Project and be assignable to PIDC. The business must also be located or plan to locate in Philadelphia. Use of funds is restricted to labor, materials, and equipment costs directly associated with the contract being financed. To register for this virtual event, go to https://www.pidcphila.com/events/rebuild-Oct-6.
Philadelphia International Airport will present its virtual 2021 Business Opportunity Forum on October 8 from 8:45 AM to 11:30 AM in collaboration with MED Week. Get insight on contracting opportunities by networking with peers, resource partners, and airport management. Participate in one of 10 breakout sessions to learn more about construction, concessions, engineering, general consulting and professional services opportunities, cargo expansion plans, supply, equipment, technology opportunities, and more. All sessions are free, but registration is required. For more information and to register, visit https://www.phl.org/2021BOF.
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Diaspora Business Connections
While we connect with businesses and opportunities on the local level, it’s imperative for businesses owned by people of African descent in the US and throughout the Diaspora to seriously connect and collaborate in order to develop our own global network of products, supplies, and services. Business organizations focused on connecting Diaspora entrepreneurs are great resources. Some of those resources include:
• The National Black Chamber of Commerce® — is dedicated to economically empowering and sustaining African American communities through entrepreneurship and capitalistic activity within the United States and via interaction with the Black Diaspora. The NBCC reaches 100,000 Black-owned businesses through 140 affiliated chapters throughout the nation and affiliate chapters based in Bahamas, Brazil, Colombia, Ghana, Kenya, France, Botswana, Cameroon, and Jamaica. For more information, visit https://nationalbcc.org/.
• The Pan African American Chamber — promotes industry, trade, and culture between business owners and entrepreneurs in continental Africa, its Diaspora, and the United States. The goal is to impact commerce on both sides of the Atlantic for smaller business interests and serve as a catalyst for entrepreneurs seeking international business access and trade. For more information visit https://paachamber.com/.
• Global Black Women’s Chamber of Commerce — uplifts Black female entrepreneurs worldwide by connecting them with business opportunities, wealth-creation avenues, strategic alliances, media, and public policy platforms. For more information, visit https://www.globalblackwomencc.org/.
• The Federation of West Africa Chambers of Commerce — was founded in 1976 by the presidents of the 15 chambers of commerce of the West African region with a view to giving the region’s business community a voice and a tool to foster development and reduce poverty. It organized the first West African bank, ECOBANK Transnational, which today has grown to be one of the leading banks in Africa and is currently promoting a regional maritime company, the West Africa Sealink Company to provide reliable and affordable maritime transport services to business operators in order to increase intra-community trade. For more information, visit https://www.fewacci.com/web/fewacci/home.
• The US-Ghana Chamber of Commerce — is dedicated to the facilitation and promotion of trade & investment, economic growth, increasing business opportunities, and advocacy on behalf of its membership in both countries. For more information, visit http://www.usghanachamberofcommerce.org/.
• The American Chamber of Commerce Jamaica — promotes trade and investment between Jamaica, the United States, countries in the region and around the globe. For more information, visit https://www.amchamjamaica.org/.
• Association of American Chambers of Commerce in Latin America and the Caribbean (AACCLA) — AACCLA’s mission is to promote trade and investment between the United States and the countries in the region through free trade, free markets, and free enterprise. For more information, visit https://www.aaccla.org/.
