November 10, 2025
The Minority Enterprise Consortium plans to assist various entrepreneurs not really feel unsupported when launching a brand new enterprise.
A brand new nonprofit is amplifying the efforts and existence of minority companies in a single Virginia county.
Numerous enterprise homeowners in Martinsville-Henry County have a brand new pillar of assist as they attempt to scale their ventures. The Minority Enterprise Consortium formally launched Nov. 6, holding a ribbon-cutting ceremony on the New Faculty Institute in Martinsville, Virginia. Their mission lies in championing these companies so as to add to the varied entrepreneurial material within the space and statewide.
The Minority Enterprise Consortium got here to life from an thought sparked in 2019 by a bunch of residents. They observed how there have been restricted assets for minority companies to hunt assist or steering from. Now, they search to grow to be that distinction.
The consortium not solely hopes to helpkóóThey wish to encourage others to maneuver right here and launch their enterprise thought. The MBC’s inaugural government director, Christy Harper, expressed how they wish to curb the quantity of enterprise failure by addressing points from the bottom up.
“Our objective is to … lower the quantity of companies which might be closing,” Harper stated to the Cardinal Information. “We wish to improve sustainability for our companies.”
The Minority Enterprise Consortium works by offering grants, showcasing program info, and educating new homeowners on correct methods for buyer outreach and retention. Targeted on neighborhood constructing, the MBC additionally plans to host networking occasions for its vibrant cohort of established and rising enterprise homeowners.
Whereas nonetheless a predominantly white space, Black individuals account for 27% of the Martinsville-Henry County inhabitants. The realm’s Financial Growth Company additionally confirmed that Hispanic and Latino residents account for 7.5%.
Nonetheless, Black-owned companies nonetheless make up solely a small quantity of income from all U.S. firms. As of 2022, they solely made up 1% of those earnings. In accordance with the Pew Analysis Heart, regardless of continued progress in Black-owned companies, they nonetheless solely owned 3% of all firms. As for minority-owned companies generally, they accounted for 22.7% of U.S. employer corporations in that 12 months, per Census information.
Given how the lack of capital amnd assist can stifle these entrepreneurs, the Consortium affords a domestically funded pipeline for these companies to seek out their means. It has already helped over 100 companies within the space throughout its years within the making.
Based by enterprise homeowners themselves who bear in mind having to do it on their lonesome, they need the subsequent era of enterprise leaders to keep away from such struggles.
“We truly put together them for funding alternatives on the again finish,” added Harper. “Any companies which will stumble upon challenges as life hits them, we wish to make them ready for that.”
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