More needs to be done to acknowledge the inherent disadvantages faced by minority-owned businesses. Because of the economic effects directly resulting from societal-wide discrimination, minority-owned businesses face an uphill battle to become, or remain, economically-viable. Lack of capital is the main reason that small businesses fail. Minorities, because of their disfavored status in our country, have a more difficult time gathering and raising capital to start, sustain, and grow a business. This disparity needs to be addressed at a Federal and nationwide level.
The two main avenues to overcome this issue is a more effective and vibrant Small Business Administration and revisions to the tax laws permitting minority-owned businesses to buffer the effects of systemic discrimination and the historical disadvantages that they face.
Mr. Fenstermaker will work hand-in-hand with the 13th District’s minority-owned businesses, which is to say the vast majority of small businesses in the District, to ensure that they are well-positioned to compete and thrive in today’s economy and in the years to come.