There are millions of businesses owned by and individuals in the United States. Though woman- and minority-owned businesses account for 43 % of all U.S. employer firms, research shows these business owners typically receive less funding. Looking at venture capital funding, women founders received less than 2% and Black founders received 1% of all VC funding in 2022. Funding impacts a business’s ability to rent office space or expand on its vision.
Greg Almieda, CEO of Global View Communications, a diversity and inclusion business strategy firm – has worked with Rockland Trust for many years. He suggests that every business owner develop their own personal network:
“Every individual’s network looks different. Some are comprised of entrepreneurial family members or friends, while others are business contacts. A robust network can help you start, grow and evolve your business, as well as offer moral support when you need it.”
Groups for Support
There are many groups across Massachusetts that provide support, such as mentors, to businesses owned by LGBTQIA+ individuals, minorities and women. This can help in expanding your network and learning how to navigate challenges you may face. Below are some examples:
- Entrepreneurship For All (EforAll)
- This nonprofit organization is focused on inclusive entrepreneurship for under-represented communities to help accelerate economic and social impact in communities across the country, including Cape Cod, Fall River/New Bedford, Worcester, North Shore and Rhode Island.
- SCORE - Boston, South Eastern Massachusetts, Northeast Massachusetts, Worcester or Rhode Island
- Supported by the Small Business Administration (SBA), SCORE is a nonprofit that helps small businesses get off the ground through the help of retired business professionals.
- Women’s Business League
- A networking group designed to support women entrepreneurs and business leaders, there are chapters across Massachusetts, New Hampshire and Maine.
- Center for Women & Enterprise
- This organization is a nationally known nonprofit that has chapters in Eastern Massachusetts and Rhode Island to assist women in those areas with starting and growing businesses.
- The Commonwealth Institute
- This nonprofit helps business women in leadership positions advance. It offers a great opportunity to network with women working at and owning businesses of all sizes.
- Massachusetts LGBT Chamber of Commerce
- This group promotes the economic viability and growth of LGBTQIA+-owned and allied businesses in Massachusetts, including LGBT Business Enterprises certification.
- MA Small Businesses Development Center Network
- Based out of UMass Amherst and operating six regional centers and 40 outreach locations across the state, this center offers a multitude of low-cost resources for small businesses including advising and educational services.
- Massachusetts Growth Capital Corporation
- This organization empowers small businesses throughout Massachusetts, offering a host of resources to support minority- and woman-owned businesses, paying special attention to underserved communities.
- Small Business Strong
- Providing free resources to minority and woman-owned businesses impacted by COVID-19, this initiative is made up of organizations across industries to help underrepresented businesses thrive.
There also are some state and federal programs that may help. For example, you can be certified by both state and private organizations.
Why can certification be helpful?
The benefits include differentiation from other businesses that are not certified and it can be advantageous, especially if your business deals in government contracts.
Some business owners decide against certification because the process is long and tedious, requiring business owners to divulge a lot of company information. The choice is up to each individual business owner.
Certification options:
- The Small Business Administration's 8(a) Business Development Program
- This program offers business assistance, such as mentoring, training or financial assistance, to businesses that are mostly owned or controlled by socially or economically disadvantaged individuals.
- Supplier Diversity Office in the Commonwealth of Massachusetts’ Operational Services Division
- This office certifies businesses as Massachusetts Minority Business Enterprises, Women Business Enterprises, Veteran Business Enterprises, and Portuguese Business Enterprises.
- Women’s Business Enterprise National Council
- This certification confirms that a business is at least 51 percent owned, controlled, operated or managed by a woman or by women, and can lead to opportunities designated for women-owned businesses.
- National Minority Supplier Development Council
- This organization helps organizations of all sizes solve the need for supplier diversity.
- National LGBTQIA+ Chamber of Commerce
- This certification verifies that a company is majority-owned by LGBT individuals, allowing those businesses to generate prospective clients and develop contracting opportunities.
You also may want to check out your local chamber of commerce to see if there are any groups dedicated to businesses owned by women, LGBTQIA+ individuals or minorities that can connect you with resources within your community. These groups are a great place to find a local support network and possibly a mentor. Having a team of business advisors who can help you navigate challenges specific to your business is the key to success.
At the end of the day, make sure you have a financial partner that understands your needs and goals. Our dedicated staff of business bankers are always happy to talk to you about your business’s financial game plan.
