Throughout the month of June, Pride Month is celebrated to honor the ongoing fight for civil rights for the LGBTQI+ community. This movement traces its roots back to the Stonewall Inn uprising in New York City on June 28, 1969. While strides have been made towards equality, there is still progress to be made. One area where significant advancements can be seen is in the contributions of LGBTQI+ businesses to the U.S. economy.
According to the National LGBT Chamber of Commerce (NGLCC), an estimated 1.4 million LGBTQI+ individuals own businesses that collectively contribute $1.7 trillion to the U.S. economy annually. Additionally, the LGBTQI+ community as a whole spends over $917 billion every year on various goods and services. The NGLCC also reports that there are nearly 1,000 certified LGBT Business Enterprises (LGBTBE) suppliers, which have created over 33,000 jobs in the United States.
LGBTQI+ small businesses are relatively young, with 64% of LGBTQ-owned businesses being less than 10 years old compared to 47% of non-LGBTQ businesses. These businesses also tend to be smaller in size, with about 62% reporting having only one to four employees. Additionally, LGBTQI+ small businesses are more likely to be women-owned and immigrant-owned, and operate in a variety of industries across the country despite facing discrimination based on sexual orientation and gender identity.
The Biden-Harris Administration has been actively supporting LGBTQI+-owned businesses through the Small Business Administration (SBA), which has made resources such as the 8(a) business development program, partnerships with LGBT chambers of commerce, small business certification, and guaranteed loans available. The administration secured $10 million for 2023 towards adding questions about LGBTQI+ Americans to the Census Bureau’s American Community Survey to address the disparities faced by the LGBTQI+ community in both personal and business aspects.
President Biden has signed Executive Orders to strengthen civil rights protections for housing, employment, health care, education, and the justice system, as well as combatting harmful practices like “conversion therapy” and developing strategies to end the HIV epidemic in the country. Vice President Harris has been actively engaged in supporting LGBTQI+ businesses, leading the Economic Opportunity Tour and hosting Pride Month celebrations emphasizing the importance of freedom to love who you love and be who you are. The administration is dedicated to promoting opportunities and resources available for LGBTQI+ business owners to help their ventures succeed and flourish.
As Pride Month is a time to celebrate the achievements of LGBTQI+ businesses, it is crucial for LGBTQI+ business owners to be aware of the opportunities and programs that exist to support and empower their businesses. By visiting NGLCC.org, business owners can access valuable resources and information to help them start, grow, and thrive their businesses. Pride is not only about celebrating diversity and acceptance, but also about supporting and uplifting LGBTQI+ businesses that play a vital role in the economy and society.
