National Minority Supplier Development Council Exceeds $363B In Revenue, Aiming To Boost Sales For Black Businesses

by Jeffrey McKinney May 16, 2024 Revenue for Black women minority businesses was $8.8 billion. Minority business enterprises (MBEs) certified by the National Minority Supplier Development Council (NMSDC) grew their revenues to $363.6 billion in 2023, representing a 15% gain from the prior year. The growth for the business advocacy group’s Black MBEs advanced last year to $66.5 billion, up 12% from 2022. Revenue for Black women minority businesses (MWBEs) was $8.8 billion versus $7.9 billion during that period. NMSDC President and CEO Ying McGuire shared with BLACK ENTERPRISE exclusively on the organization’s progress. “In light of these excellent numbers, NMSDC is on track to reach their goal for MBEs to contribute $1 trillion to the U.S. economy by the year 2030,” McGuire said. Regardless of the progress made in narrowing the disparity gap for Black businesses, more work needs to be done, according to the 2023 Minority Businesses Economic Impact Report from NMSDC. For instance, the data revealed that Black MWBEs continue to fall short by making up just 13% of NMSDC’s overall revenue share compared to Black MBEs generating 18% of that. Further, Black MBE’s account for just 18% of all revenue even though they make up a...