SCORE Analysis Shows LGBTQ+ Small Businesses Contribute $1.4 Trillion to the U.S. Economy

The 1.4 million LGBTQ+ entrepreneurs in the United States are honored during Pride Month by SCORE, small business mentors and a resource partner of the United States Small Business Administration (SBA).

SCORE Analysis Shows LGBTQ+ Small Businesses Contribute $1.4 Trillion to the U.S. Economy

It’s an appropriate time to celebrate the efforts of LGBTQ+ small businesses, which contribute $1.7 trillion to the U.S. economy each year, according to a SCORE meta-analysis. SCORE also points out that the LGBTQ+ community in the US alone has a purchasing power of an estimated $917 billion dollars.

SCORE Support for all entrepreneurs

SCORE has long supported diversity and it is an important part of their mission, vision and values. The organization supports all entrepreneurs looking to start or grow their small business and provides tools to help small business owners. These tools include 24/7 expert guidance, resilience training, and on-demand learning resources.

SCORE has helped approximately 11 million entrepreneurs start or grow a business since its founding in 1964, and currently employs 10,000 volunteers who provide free mentoring, workshops, and educational services to more than 1,500 communities across America. Last year alone, SCORE helped create 25,084 new businesses and 71,475 jobs for non-owners.

A ‘vital role’ played by LGBTQ+ entrepreneurs

SCORE CEO Bridget Weston said: “LGBTQ+ entrepreneurs play a vital role in SMBs. We want the LGBTQ+ community to know we are here to provide them with the tools and resources they need to excel in starting or growing their business.”

A SCORE beneficiary also spoke about the help she received from SCORE mentors. Sarah Scala, president and principal advisor of Sarah A. Scala Consulting in Watertown, Massachusetts, has used SCORE as a resource since her company was founded ten years ago. Sarah came out publicly in 2021 to support and provide leadership coaching services to LGBTQ+ clients. Sarah explains: “Every month I challenged myself to go the extra mile to promote that I offer LGBTQ+ services. It has not been easy. However, I am confident in this choice because I am supported by colleagues, mentors, clients and my network.

“Each of my SCORE mentors has been exceptional in providing advice, support and a listening ear.”

Another SCORE customer, Gavin Escolar, owner of The Chaga Company in San Francisco, California, also achieved success and support thanks to his SCORE mentor, Pete Slosberg. Gavin said, “The Chaga Company loves SCORE. SCORE has given my business tools, focus, courage and perseverance resulting in business success. My SCORE mentor Pete Slosberg is GOLD. He is hands-on with the leadership of the company and is by our side on this corporate journey.”

Become a Certified LGBTQ Company

You can become certified as an LGBTQ Business Enterprise (LGBTBE) to take advantage of exclusive benefits from the National Gay and Lesbian Chamber of Commerce (NGLCC).

Founded in 2002, the NGLCC is the only non-profit advocacy organization to officially certify businesses as LGBTQ property in America. Achieving the certification gives you exclusive access to 140 business partners and 52 local, state and international affiliate rooms.

The certification also connects you with other LGBTQ+ businesses through mentoring programs, scholarships, and other networking opportunities.

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This post SCORE Analysis Shows LGBTQ+ Small Businesses Contribute $1.4 Trillion to the U.S. Economy was original published at “https://smallbiztrends.com/2022/06/lgbtq-small-businesses-economic-contributions-2022.html”

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