Why it Matters 
Minority-owned businesses play an integral role in providing products and services to private and public entities. 40% of Georgia’s small businesses are classified as minority businesses, proving their substantial impact on the Georgia economy. Moreover, it is extremely important that minority-owned businesses are not limited by onerous regulations, lack of access to capital or mentorship opportunities to ensure the state reaches its full economic potential. 

The Research
Our state’s economy relies on minority suppliers for a variety of goods and services. Georgia leads the nation in the share of small businesses that are minority-owned, ranking in the top 5. Nationally, minority individuals are a growing share of U.S. employment and by 2046 will reach 50 percent of the U.S. workforce, surpassing the non-minority share². Minority-owned businesses generate an estimated $400 billion in additional economic activity, and their contribution to U.S. gross domestic product (GDP) is projected to increase three-fold from 2020 to 2060. 

Why it Matters to your Business  
Efforts to increase social and human capital resources, in addition to increasing access to financial capital will bolster the state’s minority supplier network. Georgia companies can contribute to a stronger business climate and more innovative ecosystem by participating in mentorships, incubator programs, and financial investments with minority-owned businesses.   

What Georgia Can Do 

• Continue growing our state’s Minority Business Enterprise Certificate under the Georgia Department of Administrative Services   

What You Can Do

• Evaluate your business supply chain and the sourcing of goods and services

• Consider private sector initiatives that support mentorships and foster increased social capital for minority business owners  

The Big Picture
A key strength for our state is Georgia’s diverse talent base. This critical advantage means there is also a strong pipeline of minority entrepreneurs and business owners. Through strategic public and private sector investments, the full potential of the state’s minority-owned business sector can be realized, supporting increased economic prosperity across all industries.