Minimal Stimulus Dollars for Minority Firms

A Black businessman might think with another Black man in the highest office, The United States White House, that a Black business owner might receive his fair share of opportunities to compete for profitable government contracts.  However, the Associated Press confirms that African-American owned businesses received only 1.1% of government stimulus dollars.

Interestingly enough, Latino business entities outpaced Black-owned firms, receiving  1.7% of all government stimulus dollars.  Though not a significant difference, both groups are lobbying for government officials to document all demographic information from awarded contracts for public review.  Allegedly, disproportionate trends exist with regard government awards in favor of Caucasian businesses.

Transparency will be paramount for these minority firms to remain competitive for winning these, oftentimes, lucrative government contracts in the future.  The rumored ‘Good Ol’Boy Network’ may still be alive and well, which can surely limit any socioeconomic progress in African-American and Latino communities nationwide.

This article should serve as a warning to all Black entrepreneurs in America.  Do not think that even a Black president can save you or provide for your family.  Ultimately, you are responsible for your financial independence.  Relying on the government for a handout will likely lead to frustration and may result in poverty for the rest of your life.  Consider networking and partnering with another minority competitor.  With so few minority firms in existence, it will become increasingly important for groups of minorities to pool their resources and support one another in this struggling economy.