T-Mobile and U.S. Commerce Dept. team up to support minority-owned businesses

BELLEVUE, Wash. & WASHINGTON – Today, T-Mobile for Business (NASDAQ: TMUS) and the U.S. Department of Commerce's Minority Business Development Agency (MBDA) announced they are working together to support the growth of U.S. minority-owned businesses. Starting with an educational workshop today, T-Mobile and MBDA will join forces on initiatives that empower minority-owned businesses through webinars, workshops, and events.

Minority-owned businesses in the U.S. face an uphill battle. According to a recent report by MBDA, while the number of minority-owned businesses grew 35 percent over the last decade, their average gross receipts (i.e., the amount of money they bring in from all revenue sources) dropped by 16 percent due to systemic barriers that make accessing capital and contracting opportunities more difficult for minority-owned businesses compared to non-minority owned businesses. MBDA is committed to leveling the playing field for MBEs by boosting access to capital and other resources critical to business success. And T-Mobile is ready to help with a wealth of experience from initiatives like Magenta Edge — a program a part of the Un-carrier's Equity In Action Plan that provides educational resources to minority small business owners.

To kick off the collaboration, T-Mobile, with MBDA's participation, is launching an educational workshop today to help minority-owned businesses prepare for Buy Minority Business Enterprises (MBE) Day on September 24. MBDA launched Buy MBE Day in 2020 to encourage consumers and businesses across the U.S. to buy from local, minority-owned businesses. With Buy MBE Day fast approaching, T-Mobile and MBDA want to ensure minority-owned businesses have all the resources they need to maximize the day. This workshop will provide information on retail strategies for staffing, inventory, and advertising with an in-depth toolkit of social, web, and in-store tactics.

Supporting the 9 million plus minority-owned businesses in the U.S. isn't just a priority for MBDA and T-Mobile — it's a federal priority. Thanks to the Minority Business Development Act of 2021, the MBDA is now a permanent federal agency with presidentially appointed leadership, a permanent grants program, and a forthcoming advisory council.

Read the full press release here.

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