4 The Record: Women-owned and minority-owned businesses

Megu Kolanko 4 The Record: Women-owned and minority-owned businesses Updated: 11:30 AM EDT May 26, 2024 WELCOME TO, FOR THE RECORD, I’M ANDREW STOCKEY THIS MORNING, A LOOK AT BUSINESSES OWNED BY WOMEN AND MINORITIES HERE IN WESTERN PENNSYLVANIA. THE NUMBERS ARE GROWING. THE MAIN CHALLENGES AND OBSTACLES REMAIN. TODAY, WE’RE SPEAKING WITH ONE BUSINESS OWNER AND AN ADVOCATE FOR BLACK OWNED BUSINESSES AND A THINK TANK OPENING THE DOOR FOR WOMEN, GIVING THEM THE TOOLS THEY NEED TO SUCCEED. ACCORDING TO THE UNITED STATES SMALL BUSINESS ADMINISTRATION, WOMEN AND MINORITY OWNED SMALL BUSINESSES HAVE BEEN ON THE RISE IN RECENT YEARS IN OUR REGION. IN 2023, NEARLY 40% OF ALL SMALL BUSINESSES WERE OWNED BY WOMEN. SOME OF THAT GROWTH CAME OUT OF OPPORTUNITY. SOME OF IT OUT OF NECESSITY. MANY OF THEM UNFORTUNATELY LOST THEIR JOBS DURING COVID, BUT MANY OF THEM DECIDED TO LEAVE THE WORK THEY WERE IN AND LOOK FOR MORE, MAYBE MORE, FLEXIBILITY AND OPPORTUNITIES TO START THEIR OWN COMPANIES. STATEWIDE, 5.1% ARE OWNED BY HISPANICS, ANOTHER 3.2% OWNED BY RACIAL MINORITY MEMBERS. GROUPS HAVE HISTORICALLY FACED BARRIERS DUE TO RACE AND LACK OF INSTITUTION KNOWLEDGE. OUR HISTORY IS DIFFERENT, UM, STARKLY DIFFERENT FROM...