Pride Month celebrates the ongoing fight for civil rights for LGBTQI+ individuals, with the movement stemming from the Stonewall Inn uprising in 1969. While there is still progress to be made, LGBTQI+ businesses have significantly contributed to the U.S. economy, with an estimated 1.4 million LGBTQI+ business owners contributing $1.7 trillion annually. The community as a whole spends over $917 billion each year on goods and services, showcasing their economic impact.
The National LGBT Chamber of Commerce reports that there are nearly 1,000 certified LGBT Business Enterprises, creating over 33,000 jobs in the United States. Fortune 500 companies recognize this certification and partner with NLGCC to create fully LGBTQ-inclusive supply chains, creating opportunities for growth and development for LGBTQI+ businesses. These businesses also tend to be relatively young, with 64% being under 10 years old and smaller in size, with 62% having only one to four employees.
LGBTQI+ small businesses are more likely to be women-owned and immigrant-owned compared to non-LGBTQI+ businesses. The largest share of LGBTQI+ businesses are located in the South, and they are equally as likely to operate in rural areas as non-LGBTQI+ businesses. Despite facing discrimination, LGBTQI+ business owners drive economic development, create jobs, and strengthen communities in various industries, including federal procurement officials seeking their services.
The Biden-Harris Administration has prioritized support for LGBTQI+-owned businesses by making resources available through the Small Business Administration, including the 8(a) business development program and partnerships with LGBT chambers of commerce. SBA has also introduced resources such as small business certification and guaranteed loans. The administration has secured $10 million to research adding questions about LGBTQI+ Americans to the Census Bureau’s American Community Survey to address disparities faced by the community.
President Biden signed Executive Orders strengthening civil rights protections for LGBTQI+ individuals in various areas, such as housing, employment, healthcare, education, and the justice system. Efforts to combat conversion therapy and end the HIV epidemic have also been implemented. Vice President Harris has been actively supporting LGBTQI+ initiatives, emphasizing the importance of celebrating freedom to love and be who you are. Pride month serves as an opportunity to recognize the contributions of LGBTQI+ businesses and the programs available to support their success. To learn more about these opportunities, individuals can visit NGLCC.org for further information.
