Minority/women in business.

There has been a lot of talk recently about how we can rebuild and revitalize our city and how we can advance economic development, but until city leaders recognize that all segments of the population must prosper in order for the city to prosper, revitalization efforts can not be effective.

From the late 1960s to early 1980s there was notable growth in the number of minority-and women-owned businesses and their profitability. A small percentage of these businesses are growing and prospering, but many are not. There are several factors that contribute to the decline, and much left undone to support and nurture minority-and women-owned businesses. Several factors of note:

Local, city, state and federal governments have not emphasized the importance of minority economic development and its impact on the community.

Many programs to aide minority businesses have been constantly under attack. The programs are not given necessary operating funds to adequately facilitate minority economic development. Some of these programs are destined from the outset to fail.

Bureaucratic red tape has discouraged minority businesses to "Stick it out." Many minority businesses are being frustrated by shuffling of their paperwork from desk to desk, while their resources are being exhausted and credit is being destroyed.

Most recently, I read an article about "Black Rage in Little Rock." The writer gave examples of his perceptions of how things have changed. The writer stated that, [blacks] "many of them are acquaintances of mine with good jobs and good futures" have made significant advances over the last 30 years. These successful Black Americans represent a very small portion of the minority population of Little Rock which represents one-third of this city's population. Only when White America realizes that a 5-10 percent success rate for black executives or minority businesses does not level the playing field and makes an attempt to rectify the situation, then and only then, can I say "this city has made notable advances."

The following examples are indicative of the negative influences affecting minority-owned businesses during the past five years:

A local minority-owned firm entered a bid on a state contract. The bid requirements were met to specifications. The minority firm's bid was $29,000 under the majority firm's bid. The contract was awarded to the incumbent majority firm. The minority firm expressed this to be an example of continuation of the "Good Ole Boy Network."

A minority/women-owned business made an application for a loan to a local financial institution in July of 1993. After submitting numerous forms and back-up materials to the financial institution and the Small Business Administration, the loan, as of this May had not been processed. It should be noted that the Small Business Administration guaranteed the loan to the financial institution in 1993.

Despite these examples, I remain very optimistic that the future for minority businesses can be a bright and prosperous one. Currently, there are several organizations that are working toward the development of more successful minority businesses.

The greatest part of my optimism stems from the Arkansas Regional Minority Supplier Development Council's mission to foster greater utilization of minority businesses by the majority corporations. In general, the council serves as an advocate for the minority business community. Some of our goals include the following:

Developing a series of in-depth seminars; jointly conducting a monthly business breakfast with other resource organizations providing networking and marketing opportunities for minority-owned businesses; developing and co-sponsoring workshops to increase businesses' knowledge of bidding procedures of governmental agencies; founding the Annual Black Hall of Fame; assisting in the annual MED Week activities.

Since ARMSDC's inception, local and national member corporations purchases exceeded $17.9 billion for the first time in 1991, which was accomplished by using qualified minority firms, a key service of the ARMSDC.

Another reason for my optimism is the support and commitment given by the corporate community. For the past year and a half, I have served as Co-Chairperson of the Greater Little Rock Chamber's Minority and Women Business Development Council. Since the council's inception the ARMSDC has formed a close-relationship working to facilitate minority business development. The council was instrumental in the creation and distribution of the first comprehensive guide to minority- and women-owned businesses, the development of informational brochures, co-sponsor of informative seminars and workshops and numerous other projects.

The truth of the matter is, when minority businesses are not supported, they are vulnerable, but when joined with community support, they can achieve significant success. Minority business development holds the key to a more vital community as a whole and the sooner community leaders respond to that concept the faster our community can prosper.