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“A SALUTE TO SMALL BUSINESS WEEK” mentioning the U.S. Dept of Labor was published in the Extensions of Remarks section on pages E945-E946 on May 3, 1995.
The publication is reproduced in full below:
A SALUTE TO SMALL BUSINESS WEEK
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HON. KWEISI MFUME
of maryland
in the house of representatives
Wednesday, May 3, 1995
Mr. MFUME. Mr. Speaker, I rise today to remind my colleagues, as well as the American public, that the week beginning April 30 is National Small Business Week, and I would like to take this opportunity to discuss small and minority-owned businesses and the role they play in our economy.
Not all Americans realize how important small businesses are to our national economy. Although the definition of a small business is sometimes varied, the fact of the matter is that firms with less than 100 employees account for more than 98 percent of the Nation's enterprises. Furthermore, between September 1991 and September 1992, jobs in small business dominated industries increased by 177,700 which helped to offset the 400,000 job decrease in industries dominated by large businesses.
While nonminority men still own the lion's share of small businesses and still represent the largest number of sales, minority- and women-
owned businesses are increasing in size and number. Minority-owned businesses have increased from approximately 380,000 in 1969 to 1.5 million today. Despite this increase, however, minorities are still not fairly represented in small business ownership; while minorities comprise nearly 20 percent of the total U.S. population, they own less than 9 pecent of American businesses.
In addition to playing an important role in the national economy, minority- and women-owned businesses also tend to play important roles in their communities. In many poor, urban communities, minority-owned businesses are often the only commercial establishments available. Furthermore, as was demonstrated in a recent Department of labor study, minority- and women-owned businesses are more likely to hire minorities and women than are businesses owned by nonminority men. In short, minority- and women-owned
[[Page E946]] businesses fill voids in their communities and in the labor market that otherwise may be left empty.
Despite the importance of small and minority-owned businesses, they nevertheless face numerous problems. The primary obstacle facing most small businesses, regardless of their ownership, is the lack of capital. Despite numerous creative programs at the Federal, State, and local levels, the fact remains that capital is hard to come by.
This is especially true of minority- and women-owned businesses. In addition to the fact that minorities and women often lack the business connections and record of experience that has been so useful to many nonminority men in establishing their businesses, discrimination unfortunately also remains a problem. Further, many banks or lending institutions are hesitant to lend capital to minorities or women, especially if their business is going to be based in a poor, inner-city neighborhood.
As a member of the Small Business Committee as well as the Banking and Financial Service Committee, I am committed to do what I can to see that small and minority-owned businesses are provided with the tools necessary to succeed. Small and specifically, minority-owned businesses are too important to our national economy and our communities to allow them to falter. As we salute Small Business Week, I hope we will move forward with an agenda that supports the growth and development of small and minority-owned businesses.
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