On Bauer Business Focus – A conversation on the struggles that minority owned businesses have to face with Houston Public Media News 88.7 Business Reporter Andrew Schneider.
National Minority Supplier Development Council President Joset Wright-Lacy stopped by Bauer Business Focus to discuss minority suppliers and minority owned businesses and the challenges that they have to overcome. She discusses how society keeps these businesses from growing and what some cities are doing to try to help.
“The number one challenge facing minority businesses is access to capital,” Wright-Lacy said. “A minority owned firm cannot get credit on the same terms and conditions as their non-minority counterparts.”
Wright-Lacy says that because it takes longer for minority owned businesses to get the capital to start their businesses; their businesses are less likely to get their ideas off the ground and running.
“While the challenges are the same in almost every city, Houston has really increased their awareness of the need for minority businesses and their impact on the economy,” she added.
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