Certified minority, woman and veteran-owned businesses elevate Indy’s economy
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Recently released data by the U.S. Census Bureau indicates that Marion County, the state’s most populous county, became majority non-white between 2020 and 2023. As the population of the city and state continues to shift, it’s important to ensure that a diverse range of businesses are situated to serve the growing community as well.
One key method for doing that is by growing the number of certified minority, woman, and veteran owned businesses who not only bring their own perspectives and talent to the diverse communities being served, but ultimately stimulate the economy. Below are just a few of the benefits of growing the acquisition of certifications among minority-owned businesses in Indy.
Validation & Credibility
As a member of the leadership team of a certified woman-owned small business, I have seen firsthand the benefits of obtaining third-party certifications from federal to state to city level projects. Certification validates your skill set and provides increased credibility, marketability, and helps increase new business opportunities. The application process can be quite rigorous but ultimately, it enhances trustworthiness among those seeking to hire you and can help open doors to earn contracts or work. The evidence is clear that with the GDP contribution of minority classifiable businesses rising from 1.6 percent in 2010 to a projected 7.4 percent in 2060 that their economic success benefits local communities and the national economy.
Connections & Education
Access to bid on contracts from government agencies and large corporate buyers is a driving factor for most small businesses to become certified, but a secondary benefit is the access to educational programs, mentorship, and valuable networking events that certification brings.
All businesses have barriers they have to face from time to time, yet challenges can be significantly heightened for minority, woman and veteran owned businesses. Having a network of like-minded business-owners who are facing the same hurdles can not only lead to mentorship opportunities but can expand visibility. The connections and relationships built through minority or women-owned professional networks directly impact financial success, helping leverage certifications to secure spots on vendor lists, opening doors to new business and possibly gaining a competitive edge in other states and verticals, all which leads to growth and a healthier economy here in Indy.
Job Creation & Growth
As Indiana focuses on attracting talent to the state, certified minority, woman and veteran owned businesses can play a key role. The Federal Government awards about 10% of all federal contract dollars, or roughly $50 billion in contracts, to Small Disadvantaged Businesses. If just a small percentage of those contracts are awarded to Indiana-based businesses, the ripple effect is thatthose businesses may now be in a position to grow. With the state demonstrating it is dedicated to fostering a diverse business environment, growth of minority-certified businesses is a win-win for helping attract talented professionals to our workforce and helping those businesses scale. As these businesses reinvest in the community, their tax dollars lead to improved infrastructure, education, and social services.
Diverse small business owners play a vital role in not only enriching and widening representation in the supply chain but strengthening the local economy. Growing the number of minority, woman and veteran owned businesses boosts the level and quality of competition, fuels growth and elevates Indy’s economy altogether.