Bipartisan members of Congress and the IFA asked the Census Bureau to collect more frequent data on franchise ownership among women and minorities as a part of a push to promote business ownership.
The most recent Census data shows that 30.8% of franchise businesses are minority owned, compared to just 18.8% of non-franchised businesses. Unfortunately, this data was last collected in 2012, and new information is needed to better help policymakers promote minority business ownership.
More recent and frequently-provided information could be used to help policymakers as we work to promote economic growth among underserved communities. In addition, this data could help show the success rate and ownership rate for minority and women franchise owners as they seek access to capital to start or expand their business. With better data collection and understanding of ownership trends, Congress and businesses can work together to make business ownership a reality for even more Americans.
The letter is being led by Reps. Alma Adams (D-N.C.) and Richard Hudson (R-N.C.). To learn more click here.