SCORE Analysis Shows LGBTQ+ Small Businesses Contribute $1.4 Trillion to US Economy

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

SCORE analysis shows LGBTQ + small businesses contribute $ 1.4 trillion to US economy

This is a good 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 notes that the LGBTQ + community has a purchasing power of about $ 917 billion in the United States alone.

SCORE support for all entrepreneurs

SCORE has long supported diversity and is a key part of its mission, vision and values. The organization supports all entrepreneurs who want to start or grow their small business and offers tools to help small business owners. These tools include expert mentoring 24 hours a day, 7 days a week, resilience training, and on-demand educational resources.

SCORE has helped around 11 million entrepreneurs start or grow a business since its founding in 1964, and now has 10,000 volunteers offering free tutoring, workshops, and educational services to more than 1,500 communities in America. . Last year alone, SCORE helped create 25,084 new businesses and 71,475 non-proprietary jobs.

A “vital role” played by LGBTQ + entrepreneurs

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

A SCORE beneficiary also spoke about the help she received from SCORE mentors. Sarah Scala, president and chief consultant of Sarah A. Scala Consulting in Watertown, Massachusetts, has used SCORE as a resource since she founded her business ten years ago. Sarah went public in 2021 to support and provide leadership training services to LGBTQ + clients. Sarah explained: “I was challenged every month to do something extra to promote LGBTQ + services. It has not been easy. However, I feel confident in this choice as I have the support of colleagues, mentors, clients and my network.

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

Another SCORE client, 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: “Chaga loves SCORE. SCORE has given me business tools, focus, courage and persistence that translate into business success. My SCORE mentor Pete Slosberg is GOLD. He’s up to date. of the management of the company and has been by our side throughout this entrepreneurial journey “.

Become a certified LGBTQ business

You can be certified as an LGBTQ (LGBTBE) business owner to enjoy exclusive benefits from the National Chamber of Commerce for Gays and Lesbians (NGLCC).

The NGLCC was founded in 2002 and is the only nonprofit advocacy organization to officially certify LGBTQ-owned businesses in the United States. Acquiring certification gives you exclusive access to 140 corporate partners and 52 local, state, and international affiliated chambers.

The certification will also connect you with other LGBTQ + businesses through tutoring programs, scholarships, and other networking opportunities.

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