Minority contracting is a set of tools to be accessed by various stakeholders in order to benefit local business and development in low income and minority neighborhoods. Designed to address disparities felt by minorities business or firm owners, these programs and policies decrease barriers and create opportunities for entrepreneurs of color, keeping investment and profits local. These strategies are targeted to stakeholders in minority and urban development, but can be adapted for other small business growth.
There are three approaches to minority contracting:
- Legislation that creates institutional mechanisms to ensure opportunities for minority contractors;
- Community-benefit agreements that require publicly-subsidized developments to take up demonstrated community needs; and
- Efforts by government and community-based organizations to both build the capacity of, and enhance access for, targeted firms.
Access the PolicyLink tool here: http://www.policylink.org/sites/default/files/minority-contracting.pdf