MEMPHIS, Tenn. — When it comes to new jobs and opportunities in Memphis, the numbers show the minority-owned-business community is not getting a fighting chance.
The issue brought out hundreds of people to the Memphis Cook Convention Center on Wednesday for a forum.
Organizers said growing minority businesses and increasing inner-city jobs would help benefit the entire city economically.
It was the eighth year the Mid-South Minority Business Council Continuum hosted a forum centered around economic development. The forum was designed to give minority and female business owners a chance to exchange ideas and resources.
Organizers told WREG minorities make up more than half of the Memphis-area population, but only a little more than 1 percent of minorities own businesses. The hope is the conference will make a change.
One of the biggest obstacles is getting a foot in the door and knowing what to do.
“That’s a challenge,” said Luke Yancy III, the CEO of the Mid-South Minority Business Council Continuum. “Number two — they face capital issues. They don’t have a lot of resources to start a business or maintain and grow a business. As well, they lack networking opportunities.”
The conference puts minority businesses in the same room with major corporations to give them a fighting chance.
The conference ends Thursday.