These Black Businesses Face Benefits And Obstacles In Aim To Grow

by Jeffrey McKinney June 13, 2024 Working directly with public and private procurement officers among ways Black middle market businesses can grow. Mid-size businesses are often shunned and less understood overall, although they make huge contributions to America’s economy.  One important sector standing out in that landscape with even scarcer comprehension is Black-owned middle-market businesses. That discovery emerged in “2024 Insights and Perspectives from Black Leaders in the Middle Market,” a fresh research report released June 12 by the National Center for the Middle Market (NCMM) at Ohio State University in alliance with Wells Fargo Commercial Bank. The “first-ever” analysis shows that those firms grew faster than their peers, while facing new obstacles as minority business enterprises (MBEs). The findings came from researchers who interviewed 13 Black middle-market business owners and leaders in decision-making roles. Their organizations are from different industries including construction, logistics, financial services, and information technology. Their companies have annual revenues ranging from $20 million to $500 million. Wells Fargo sponsored the report.  OPPORTUNTIES EXIST AMID ONGOING CHALLENGES Notably, middle-market businesses are often viewed as potentially strong acquisition targets by investors for multiple reasons. Their attributes include strong revenue growth, resiliency in uneven economic times, and greater...