Many people may be wondering: what are minority owned businesses, or B-OBs? Well, the short answer is that they are a growing segment of the U.S. small business landscape. In Chicago, they are particularly important for local economic development, providing jobs and providing an excellent place to shop for food. And, you might be surprised to learn that you can find many different types of B-OBs, from Mariano's to a pizza place.
Black-owned businesses are minority-owned businesses
If you want to know which companies are Swaby black-owned businesses in Chicago Illinois, you can find the information here. These companies include bars, breweries, bookstores, boutiques, and other places with no "b" before the name. It's important to note, though, that the information may change depending on the COVID-19 situation. This means you'll have to check the latest updates to find out whether a company is Black-owned.
According to Civic Committee research, Illinois had 7,197 MBEs, meaning that they were owned by Black, Hispanic, or Asian Americans. According to a Bank of America survey, 85% of Black small-business owners in the United States say social justice issues have affected their businesses. The Small Business Administration defines a small business by revenue and number of employees. Among Black-owned businesses in Chicago, the list is long, as more than two-thirds are women-owned.
They're a growing segment of the U.S. small business landscape
While there are more small businesses than large corporations, only a small percentage are minority-owned. The U.S. Small Business Administration says that small businesses employ less than half of the population, while the proportion of women-owned businesses has increased over the past 20 years. Additionally, minority-owned businesses are less likely to attract outside funding than larger corporations. Despite these obstacles, many small-business owners are optimistic about their prospects.
A new initiative to support minority-owned businesses will make small business grants available to historically Black colleges and other MSIs, as well as to accelerators and incubators. The most significant barrier to entry for minority-owned businesses is insufficient startup capital. To overcome this obstacle, the proposed MBDA program will make grants available to business centers that provide free services and mentorship to start-ups.
They're a source of jobs
Recent Census data shows that 18.3% of U.S. businesses are minority-owned, with a slightly higher proportion owned by women. These companies provide jobs for 3.5 million people in Chicago, and the share of non-Black businesses is declining. While black people make up 14.5% of the U.S. population, their ownership of employer firms is only 2.3% of the total. In the United States, Asian Americans own 10.1% of employer firms.
While the recent recession has affected every demographic group, minority-owned businesses remain a significant source of jobs in Chicago. In fact, nearly forty percent of African-American businesses closed last April alone. This decline reflected disproportionately high unemployment rates and lower income levels. The report also found that the number of Asian and Latino-owned businesses dropped by 32 percent in April compared to February. It also showed that there is a statistically significant correlation between new business registrations and stimulus checks, and that black-owned businesses are the ones most affected.
They're in Mariano's
The Mariano's grocery chain is looking to buy products made by women and minorities, and has been working with a company called Trinal Inc. to help their clients become more diverse. Trinal's executives screen minority vendors and host expos for companies interested in doing business with Mariano's. Mariano's has also been working with Austin-based Anne Bell Fragrances, a manufacturer of scented candles, soaps, and body butters.
The new Mariano's store will be 74,000 square feet, and is being designed to match the architecture of the Bronzeville neighborhood. Roundy's commissioned minority-owned architectural firm Johnson and Lee Architects, which recently designed the Ping Tom Memorial Park boathouse in Chinatown. The company is partnering with Chicago Neighborhood Initiatives and Safeway Construction to construct the new store. It is a good thing Mariano's is a minority-owned.
They're in all Mariano's stores
The chain's recent expansion into Chicago means more stores that are run by Black people. The new Mariano's Marketplace, at 2730 N. Halsted Street, will feature several food stations, a grocery store, and a restaurant that serves breakfast and dinner. The food court will feature items from charcuterie and a wine library. The grocery store itself will offer fresh produce and baked goods. The Mariano's Marketplace will also include a bakery and a wine bar.
Mariano's also promotes minority-owned businesses by showcasing their products in its stores. They have also been supporting small businesses and local food producers for three years, including the Bee Love Honey and Skin Care Company. The grocer considers itself one of the Midwest's most innovative food destinations, with a wide selection of fresh produce, a warm, friendly atmosphere, and specialty food stations, such as a sushi bar and a dedicated cheese station.
They're in all Mariano's
The new Whole Foods store in Bronzeville, Illinois, will be a showcase for 35 minority-owned businesses. For many of these businesses, this is their first foray into the retail world. Mariano's in Bronzeville is currently planning a similar launch and held a vendor fair a few weeks ago. It's expected to be a success. However, Ald. Hairston is not pleased with the project.
The newly appointed councilwoman in the 4th Ward, Sophia King, is tasked with finding ways to deal with Mariano's. While the restaurant will benefit existing businesses, its arrival may escalate the process of gentrification in the area. Many Chicagoans have experienced black-owned businesses in Chicago gentrification in the city. After all, the East Village was renamed West Town after the devastating tornadoes.