Joe Goddard, Proud Co-Owner of a Minority-Owned Business

Joe Goddard manages the operations, budgeting, and personnel decisions for The Cardinal Group, a recruiting and staffing firm in Fayetteville, Arkansas. A successful minority-owned company, it focuses on recruitment in the healthcare and IT sectors. He shares the changing landscape for minority-owned business in the United States.

+ Minority-owned businesses continue to grow in the United States. They account for more than $1 trillion in total revenue and are responsible for some six million jobs in the country.

+ Although on the whole, minority-owned businesses are smaller than other organizations, they are twice as likely to earn sales via exports when compared to non-minority-owned businesses. This may be attributed to cultural ties with other countries as well as to successful networking.

+ When minority-owned businesses are located in minority neighborhoods, they provide employment to communities that have been historically under-employed. Job creation can revitalize these communities.

+ Minority-owned businesses continue to face challenges in securing capital and large bank loans commensurate with their non-minority-owned counterparts. Equal access to loans would allow for the expansion of minority-owned businesses, and improve their balance sheets and credit scores.

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