The Economic Impact Report

CERTIFY | CONNECT | DEVLOP | ADVOCATE
Economic Impact of Certified Minority Businesses ChicagoMSDC
On Metro Chicago and Northwest Indiana
Written by Jason Le | Edited by Julia Guan
The Economic Impact
Of ChicagoMSDC and Chicago MBDA Certified
Minority Business on Metro Chicago & Northwest Indiana
Written by Jason Le
Edited by Julia Guan
www.chicagomsdc.org
© 2015 by the Chicago Minority Supplier Development Council (CMSDC) & Chicago
Minority Business Development Agency (CMBDA)

THOUGHT LEADER IN MINORITY
BUSINESS SINCE 1968

In 1968, a group of corporate and community leaders
founded the Western Electric Hawthorne Works. It
became an annual event and was later renamed, the
Chicago Business Opportunity Fair (CBOF). The
Chicago Regional Purchasing Council (CRPC) was
born out of this event with 14 original charter
corporations.
The CRPC’s mission was to create economic
opportunities for its Minority Business Enterprises
and their reputation of integrity and due diligence in
the certification process quickly made them an
invaluable partner of majority buyers who sought to
do business with qualified and bona fide minority
businesses.
Recognizing the growth of the MBE movement,the
National Minority Purchasing Council was established in
1972 in Chicago with funding from the Minority
Business Development Agency. The name was later
changed to the National Minority Supplier Development
Council (NMSDC) andthe offices were relocated first to
Washington DC and finally to New York City.
Today, NMSDC’snetwork includes a national office inNew
York and24 Regional Councils across the country. There are
1,750 corporate members throughout the network, including
America’s top publicly-owned, privately-owned and foreign-
owned companies aswell asuniversities, hospitals andother
buying institutions. The Regional Councils certify and match
more than 12,000 minority-owned businesses with member
corporations that want to purchase their products, services
and solutions.
The ChicagoMSDC partnership includes over 250 private
and public-sector buying organizations andnearly 1,000
minority businesses. Our buying members reportover $5
billion in annual purchasesfrom minority firms.Minority
enterprise firms reportthe employment of more than
96,000 workers annually. Chicago is proud to be the
original council and the thought leader in minority business
since 1968.
The MBDA Business Center - Chicago and the
MBDA Business Center - St. Louis are funded
by the U.S. Department of Commerce, Minority
Business Development Agency (MBDA) and
operated by the ChicagoMSDC in partnership
with the Illinois Hispanic Chamber of
Commerce (IHCC).
MBDA is an entrepreneur focused,innovative
organization committed to wealth creation in
minority communities and the only federal agency
dedicated to establishing andgrowing minority
owned businesses in America.
The Agency’s programs and services better
equip minority-owned firms to create jobs, build
scale and capacity, increase revenues, and
expand regionally, nationally, and
internationally. MBDA provides increased
visibility and access for minority-owned firms
by partnering with multi-national corporations,
and government agencies in the U.S. and
abroad.
Through a national network of more than 40 MBDA
Business Centers anda wide range of domestic and
international strategic partners,the Agency has
supportedthe creation and retentionof more than
33,000 jobs andhelpedsecure $14.6 billion in
contracts and capital for itsclients, over the past four
years (fiscal year 2009-12).
The MBDA Business Centers in Chicago and St.
Louis focus on assisting minority high-growth
companies with access to debt and equity capital,
procurement, exporting opportunities, strategic
planning and management consulting.
The centers seek to develop alliances with local,
state, and federal government agencies, major
corporations, banks, financial resources and the
minority business community to create larger,
more strategic minority entrepreneurs.

LETTER FROM THE PRESIDENT

MISSON: To be the premier
organization for increasing value
added business opportunities
between major buying
organizations and minority-owned
businesses.
Dear Members, Certified MBEs and Supporters:
With your support, commitment to the mission and vision, ChicagoMSDC
delivered relevant and progressive programming for minority supplier
development throughout 2014. ChicagoMSDC’s economic impact is
undeniable as the council effected growth in the minority supplier
community, job creation & retention as well as the tax base.
In an ongoing effort to increasing our effectiveness, through the support of
committed corporate leaders, exceptional certified minority businesses and
committed staff, the Chicago Minority Supplier Development Council have
reinvigorate a stagnant economy, create sustainable jobs, and positively
contribute to the tax base. We felt it was important to highlights the
importance of minority firms: Metro Chicago and Northwest Indiana’s
economy cannot grow and prosper unless minority businesses are growing
and prospering Most importantly, this report was designed to give you the
clearest picture of ChicagoMSDC’s framework, where we are and where we
are heading.
Enclosed are the history about the oldest organization dedicated to
minority business development, demographics, financial information and
data and a report of the economical impact that ChicagoMSDC certified
MBEs have achieved. We hope this information will be helpful to you in
assessing the effectiveness and responsibilities involved with the
organization.
Nevertheless, there is still more work to be done and you can make a
difference in 2016 and beyond. I encourage you to think of how and where
you may want to become involved; we have many areas where your
engagement and expertise will be embraced! So, I encourage you to sign up
and sign on. The Chicago Minority Supplier Development Council
welcomes your participation.
The Chicago Minority Supplier Development Council has done great work
for nearly five decades and I encourage you to reap the benefits of that
investment and what is to come in the future. Chicago MSDC is here to
serve. Let’s work together to make the following year the great year yet for
minority supplier development.
Sincere regards,
SheliaC.Morgan
President & CEO

LETTER FROM THE EXECUTIVE DIRECTOR

MISSON: To provide
opportunity identification services
for contracts and financing that
positively impacts the business and
ownership opportunities for
minority business enterprises.
Dear Members, Certified MBEs and Supporters:
With your support, commitment to the mission and vision, ChicagoMSDC
delivered relevant and progressive programming for minority supplier
development throughout 2014. ChicagoMSDC’s economic impact is
undeniable as the council effected growth in the minority supplier
community, job creation & retention as well as the tax base.
In an ongoing effort to increasing our effectiveness, through the support of
committed corporate leaders, exceptional certified minority businesses and
committed staff, the Chicago Minority Supplier Development Council have
reinvigorate a stagnant economy, create sustainable jobs, and positively
contribute to the tax base. We felt it was important to highlights the
importance of minority firms: Metro Chicago and Northwest Indiana’s
economy cannot grow and prosper unless minority businesses are growing
and prospering Most importantly, this report was designed to give you the
clearest picture of ChicagoMSDC’s framework, where we are and where we
are heading.
Enclosed are the history about the oldest organization dedicated to
minority business development, demographics, financial information and
data and a report of the economical impact that ChicagoMSDC certified
MBEs have achieved. We hope this information will be helpful to you in
assessing the effectiveness and responsibilities involved with the
organization.
Nevertheless, there is still more work to be done and you can make a
difference in 2016 and beyond. I encourage you to think of how and where
you may want to become involved; we have many areas where your
engagement and expertise will be embraced! So, I encourage you to sign up
and sign on. The Chicago Minority Supplier Development Council
welcomes your participation.
The Chicago Minority Supplier Development Council has done great work
for nearly five decades and I encourage you to reap the benefits of that
investment and what is to come in the future. Chicago MSDC is here to
serve. Let’s work together to make the following year the great year yet for
minority supplier development.
Sincere regards,
HansBonner
Executive Director

TABLE OF CONTENTS
CHAPTER PAGE
LETTER FROM THE PRESIDENT ...............................................................................................i
LETTER FROM THE EXECUTIVE DIRECTOR .........................................................................i
CHICAGO MSDC AND CHICAGO MBDA ..................................................................................i
TABLE OF CONTENTS .................................................................................................................i
LETTER FROM THE PRESIDENT ...............................................................................................i
LETTER FROM THE EXECUTIVE DIRECTOR .........................................................................i
ABOUT US .......................................................................................................................................i
CHAPTERS
CHAPTER 1 – Executive Summary.......................................................................................i
CHAPTER 2 – Introduction..................................................................................................i
CHAPTER 3 – Purpose.........................................................................................................i
CHAPTER 4 – Methodology and Scope of the Study............................................................i
CHAPTER 5 – Economic Impact Summary......................................................................... i
CHAPTER 6– Tax Impact.....................................................................................................i
CHAPTER 7 – Summary and Conclusion............................................................................. i
REFERENCES .................................................................................................................................i
APPENDICES (Optional)
Appendix A – Correspondence ..............................................................................................i
Appendix B ...........................................................................................................................i
Appendix C ...........................................................................................................................i
(NOTE: Page numbers must be right-aligned.)

ABOUT US
Who We Are
- ChicagoMSDC CERTFIES African American, Asian American, Hispanic American and Native American
owned businesses of all sizes and across a wide range of industries. DEVELOPS them through educational
programming, CONNECTS them with resources and corporate buyers and tirelessly ADVOCATES on
their behalf in the public and private sector.
What We Do
- ChicagoMSDC provides minority business with access to:
o Buyers, bids, and contracts
o Business events (expos, seminars, matchmakers)
o Education and trainings
o Nationally-recognized ethnic minority business certification
- ChicagoMSDC provides our Corporate Members access to:
o Certified Minority Suppliers in diverse Industries
o RFP & contract distribution outlets
o Supplier Diversity program development
o Supplier referrals
o Business events & private VIP events
Who We Serve
- Our Certified Minority Business:
Ethnicity
African American 42.10%
Asian American 32.20%
Native American 1.70%
Hispanic American 24%
- National Corporate Members:
o Top five industries: Health Care, Industrial Manufacturing, Consumer Discretionary,
Finance, & Energy
o 250 corporate members from the Chicagoland area
o Corporate members reported $5billion in purchases from local MBEs
Our History
- In 1968, a chain of events erupted into civil and economic mayhem that shook Chicago at its very
core. Rising above the turmoil, a group of corporate and community leaders were determined to cast
By Annual Revenue
< $1 Million 35.80%
$1-10 Million 41.4%
$10-50 Million 16.60%
>$50 Million 6.20%

a spotlight of hope on seemingly hopeless situations and created The Chicago Business Opportunity
Day.
The success of Chicago's historical commitment to minority business spread nationally. In 1972 the
National Minority Supplier Development Council (NMSDC) was chartered to provide increased
procurement and business opportunities for minority businesses of all sizes
Our Highlights
- Today, NMSDC’s network includes a national office in New York and 24 Regional Councils across
the country
- There are 250 corporate members from the Chicagoland area and 1750 throughout the
network, including America’s top publicly-owned, privately-owned and foreign-owned companies as
well as universities, hospitals, and other buying intuitions
- ChicagoMSDC certifies and matches 1,100 more than minority-owned businesses with member
corporations that want to purchase their products, services and solutions and there are over 12,000
MBEs in our national network
- ChicagoMSDC’s corporate members reported $5 billion in purchases from local MBEs
- Our MBEs reported earnings of $19.8 billion and the creation of over 5000 jobs
- Minority businesses employed more than 98,000 individuals, of which 53% were minorities
- 19 of Crain’s top 25 Largest Minority-Owned Firms are certified by ChicagoMSDC
- Our annual operating budget is $3.2 million
Get Involved
Become a certified minority business, Corporate Member, or sponsor! Visit us online at
www.chicagomsdc.org. CMSDC is a 501(c)(3) non-profit.

EXECUTIVE SUMMARY
One of the reasons most often given for major buying entities (corporations, hospitals, universities, state and
local government, etc.) to have a supplier diversity initiative and engage in minority business development is
that by promoting greater vendor participation, they are helping to support the economic base of the
communities in which they do business. This sounds good, but is it accurate?
For the first time in history, the Chicago Minority Supplier Development Council (CMSDC) examines the
economic impact of __* certified Minority Business Enterprises (MBEs) on 44 counties in Metro Chicago
and Northwest Indiana that represent CMSDC’s footprint. Today, CMSDC MBEs have a total economic
impact of over $__ billion dollars in output that results in the creation of and/or preservation of more than
___ jobs held by persons who find themselves either directly or indirectly employed by CMSDC certified
MBEs. These are jobs that not only support individuals, but also contribute to the economic wellbeing of
their families, their communities, and the nation as a whole. This is particularly striking in a time when
unemployment is at an all-time high within many minority communities. These same individuals are also
contributing $___ million to the tax base of a state that historically struggles with enormous budget deficits.
In many circles, with the rapidly changing demographics of the United States, the minority business sector is
arguably the fastest growing segment of small business. Therefore, it stands to reason that ensuring the
success of minority business will have significant, positive effects on both the Chicago economy in general
and the Metro Chicago and Northwest Indiana economy in particular. Simply put, Illinois’s fledgling
economy cannot reach its full and true potential unless the minority business community is growing and
reaching its full and true potential.

INRODUCTION
Since the Industrial Revolution, American companies have focus on the bottom line. Spurred on by
shareholders, private-equity firms, and bonuses, corporate executives have been obsessed with maximizing
profits. This focus has produced phenomenal results. Over the past decades, big American corporations have
gone from low-profit margins to the highest profit margins in history. American companies are good at
squeezing profit out of every dollar.
Unfortunately, this obsession with profit maximization has come at a cost. One of the results of this profit
obsession has reduced their values for other areas- the customers, employees, and society. This efficiency
initiatives contribute to "maximizing profits," however they hurt the national economic prosperity and the
companies' very own growth rates.
An arrangement that aligns self-interest over the common good reveals corporations' growing waistline while
the rest of the nation is left covering the bills. The system of complacency and squeezing out profit margins
led to the sudden meltdown of the economy. History tends to repeat itself; problems unattended will fester
and spread. Another major issue has been largely ignored, minorities are destined to soon become the major
population group yet their proportion does not reflect the growing size and importance of minority
communities in the United States. Minorities do not contribute to the U.S economy in proportion to their
representation because they cannot.
Unlike the isolated domestic markets of the past, we are now competing against rival nations in a highly
competitive global business environment. National global competitive advantage has never been more
important. Goods that are not made here will be made in overseas. Services that are not performed well here
will be outsourced to nations that can do a better job. Innovations that are not successfully brought to the
market will be developing elsewhere. As revenue streams, then jobs, then industrial clusters migrates overseas
capital to reinvest dries up and tax revenue gone, we become a nation of consumers rather than a producer
nation losing our premier position in the global economy. The standard of living for our children and
grandchildren would decline. It is all a devastating downward spiral. This is already happening.
The nation is unprepared for the monstrous demographic shift. How can we retain our premier position in a
more competitive global economy if half of the nation is unable to make full contribution to the national
economy? It's in the nation interest and the interest of major corporations to recognizing the critical
importance of minority business for a strong and sustainable economic system. It is time to rethink what is in
the best interest to ensure American economic prosperity.

PURPOSE
Minority-owned businesses have been growing in number of firms, gross receipts, and paid employment
nationwide at a faster pace than non-minority firms. If not for the employment growth created by minority
firms, American firms (excluding publicly-held firms) would have experienced a greater job loss between ___
and 2002. While paid employment grew by __% among minority-owned firms, it declined by __% among
non-minority firms during this period. According to Minority Business Development Agency (MBDA),
Minority Business Enterprises (MBEs) continue to be the engine of employment in emerging and minority
communities (Fairlie & Robb, 2010).
The purpose of this study is to present empirical evidence demonstrating the positive impact that the
minority business community has on the economy by examining the economic effect and impact of variables
like job creation, income generation, and tax contribution.

METHODOLOGY AND SCOPE OF THE STUDY
The economic impact of the ___ MBEs certified by the Chicago Minority Supplier Development Council
(CMSDC) was estimated using IMPLAN (IMpact Analysis for PLANing), an econometric modeling system
developed by applied economists at the University of Minnesota and the U.S. Forest Service. Globally
recognized as the gold standard, IMPLAN has more than 1,500 active users including clients in the federal
and State government, universities, and private sector consultants (Varshney & Tootelian, 2009).
CMSDC’s Metro Chicago and Northwest Indiana footprint include the following 44 counties:
 Boone
 Bureau
 Carroll
 Cook
 Dekalb
 Dupage
 Ford
 Fulton
 Grundy
 Hancock
 Henderson
•

 Henry
 Iroquois
 Jasper
 Jo Daviess
 Kane
 Kankakee
 Kendall
 Knox
 Lake
 La Porte
 LaSalle
 Lee
 Livingston
 Marshall
 Mercer
 McDonough
 McHenry
 Mclean
 Newton
 Ogle
 Peoria
 Porter
 Putman
 Rock Island
 Saint Joseph
 Stark
 Stephenson
 Tazewell
 Warren
 Whiteside
 Will
 Winnebago
 Woodford

To qualify for and be included in the study, MBEs had to be certified and in good standing with CMSDC.
This study examines three types of economic impacts:
1. Output Effect: The sum total of the revenue and/or sales generated by CMSDC certified MBEs.
2. Income Effect: A measure of total income generated by CMSDC certified MBEs within __ counties
in Metro Chicago and Northwest Indiana.
3. Employment Effect: A measurement of the total number of jobs generated by CMSDC certified
MBEs within Metro Chicago and Northwest Indiana’s economy.
The econometric models generated through the IMPLAN software will also allow for the examination of the
direct, indirect, induced and value added impacts in each of the above three categories. The direct, indirect
and induced impacts of the above categories are combined to reflect the total economic impact of the
business activity of MBEs.
 Direct Impact: The direct output effect represents the purchase of MBE goods and services by
businesses in Metro Chicago and Northwest Indiana.
 Indirect Impact: The indirect effect represents business-to-business transactions. These transactions
occur when the suppliers of MBEs purchase goods and services from other suppliers within the
CMSDC footprint.
 Induced Impact: Employees of both MBEs and indirectly affected businesses purchase goods and
services within the CMSDC footprint. These purchases create the second wave of economic impact
commonly known as the induced effect.
One additional category of economic data that IMPLAN provides is Value Added. Four components
comprise Value Added:
 Employee compensation
 Proprietors’ income
 Other property type income
 Indirect business taxes

ECONOMIC IMPACT SUMMARY
The results generated from the econometric model can be seen in table format, followed by detailed
explanations of the results contained therein. In order to present the most comprehensive examination of the
economic impact the CMSDC MBE community has on Metro Chicago and Northwest Indiana’s economy, it
is necessary to review the three levels of impact (direct, indirect and induced). These three levels of economic
impact combine to provide the most accurate depiction of the overall total economic impact.
Direct, Indirect and Induced Impacts
The direct economic impact is derived from the revenue generated by CMSDC MBEs. The indirect impact
comes from the purchase of goods and services made by businesses from suppliers within their supply chain.
These are purchases made by the suppliers of their suppliers. The induced impact represents the dollars put
back into the economy as a direct result of the consumption patterns of the employees of these inextricably
interconnected businesses (MBEs, suppliers and suppliers’ suppliers).The direct employment and sales data
were taken directly from the documentation accompanying the certification applications each CMSDC
certified MBE submitted when applying for designation as a CMSDC certified Minority Business Enterprise.
The secondary economic impact related to the market activities of CMSDC MBEs can be found in the
indirect and induced effects. These secondary effects are the direct result of the multiplier effect which occurs
when the MBE owners and their employees use their wages and salaries to purchase goods and services from
other businesses within the CMSDC footprint.
The data input into IMPLAN from CMSDC certified MBEs included annual revenues and number of
employees for each business. The multiple regression models within the software allowed for the calculations
of total output, income, employment and value added effects, the results of which are seen below in Table 1.
Table 1: Economic Impact Summary
Impact Type Employment Labor Income Output Value Added
Direct Effect
Indirect Effect
Induced Effect
Total Effect

Employment Effect
As can be seen in the above table, CMSDC certified MBEs were directly responsible for the creation of ___
jobs within Illinois. As a result of the activities of the __ certified minority business owners, an additional ___
jobs were indirectly created to meet the business needs of the MBEs. The discretionary spending habits of the
employees were responsible for the generation of an additional ___ jobs. In total the ___ certified CMSDC
MBEs were responsible for the creation of ___ jobs in Metro Chicago and Northwest Indiana.
Income Effect
The __ CMSDC certified MBEs disbursed $__billion in salary, wages and benefits to the ___ employees
measured in direct labor income. This direct labor income produced $___ million in indirect income to the
____ employees of other businesses. It is necessary to remember that these businesses had to hire these
additional employees to meet the business demands of ___ certified MBEs. The induced income is estimated
to be a little more than $__ billion, bringing the total labor income effect to more than $__ billion.
Output Effect
The results of the data gathered from the ___ CMSDC certified MBEs indicate that the minority business
enterprises were directly responsible for more than $__billion in sales of their products and services offered
to customers. The indirect output effect of $__ billion is representative of the procurement efforts of the
suppliers of CMSDC MBEs. This is the additional amount of goods and services needed to meet the increase
in demand coming from the MBEs. The $__ billion induced output effect is the total dollar amount of goods
and service purchases made by the employees of CMSDC certified MBEs from other merchants within
Metro Chicago and Northwest Indiana. The total of the direct, indirect and induced effects combine to make
the total output effect $___ billion.
Value Added Effect
The value added effect is the difference between the total output of the ___ CMSDC certified MBEs and the
cost of their intermediate input. Included in the total value added effect are the wages paid by MBE owners
to employees; income coming from self-employed businesses; dividends, rent, interest, profit payments and
royalties; and ultimately each individual’s sales taxes flowing to and through the businesses. The sum of the
direct, indirect and induced effects combine to make the total value added effect $___billion (Jensen,
Lambert, Menard, English & Xu, 2011).

TAX IMPACT
Illinois has over 13 million residents and is the eighteen largest economy in the world. It exhibits tremendous
economic and demographic variation and has substantial and diverse demands in such areas as education,
health care, and infrastructure. It is not surprising, therefore, that its public sector is one of the largest and
most diversified in the world. Like most governments, Illinois relies primarily on taxes to fund the public
services that it provides to its individuals and businesses. Illinois’s state and local governments raise well over
$200 billion annually in revenues to provide public services, with roughly __% of this from taxes (Ingenito,
O'Malley, Stanley, Taylor & Vasche, 2007).
Given these facts it stands to reason that an economic impact study must touch on the impact that CMSDC
certified MBEs have upon the Metro Chicago and Northwest Indiana tax base. Table 2 details the additional
$__ million in tax revenue generated for the Metro Chicago and Northwest Indiana Government from
Employee Compensation, Proprietor Income, Indirect Business Taxes, Households, and Corporations based
on the modeled impact by the __ CMSDC certified MBEs. It should be noted that these tax types are
combined and cannot be separated into state vs. local within the IMPLAN software.
Table 2: State/Local Tax Impact
Description Employee
Compensation
Indirect Business Tax Households Corporations
Dividends
Social Insurance Tax- Employee
Contribution
Social Insurance Tax- Employer
Contribution
Indirect Business Tax: Sales Tax
Indirect Business Tax: Property Tax
Indirect Business Tax: Motor Vehicle
License
Indirect Business Tax: Other Taxes
Corporate Profits Tax
Personal Tax: Income Tax
Personal Tax: Non Taxes (Fines-Fees)
Personal Tax: Motor Vehicle License
Personal Tax: Property Taxes
Total State and Local Tax

SUMMARY AND CONCLUSION
Relevance of Minority Businesses
According to a Department of Commerce study, the minority population will contribute to as much as __%
of the total increase in purchasing power from 2000 to 2045. A joint report from the Milken Institute and the
Minority Business Development Agency (MBDA) suggests that the number of minority business owners in
the U.S. (currently estimated at __ million) is growing at a rate of __% annually, a staggering __ times faster
than the growth rate of all firms. Overall, MBE sales are growing 34% a year, __ as fast as the national
average. The report concludes that MBEs are a driving force behind growth and will be a major segment of
the U.S. economy in the 21st century as a transition to a more diverse demographic majority occurs (Hinson,
2009).
Small businesses in Metro Chicago and Northwest Indiana account for __% of all employer firms and in
essence drive the economic engine of the State. Ensuring the success of minority business, the fastest growing
segment of small business, will have significant positive effects on both Illinois in general and the Metro
Chicago and Northwest Indiana economy in particular. Simply put, Metro Chicago and Northwest Indiana’s
economy cannot grow and prosper unless minority businesses are growing and prospering.
Economic Impact of ChicagoMSDC & ChicagoMBDA
One of the primary goals of CMSDC is to promote minority business participation in the procurement
process in order to create economic wealth in minority business communities in Metro Chicago and
Northwest Indiana and the nation. However without the empirical evidence provided by this study, it was
impossible to know if CMSDC is indeed successful in fulfilling its mission. The purpose of this study,
therefore, was to assess the economic impact of CMSDC on Metro Chicago and Northwest Indiana’s
economy.
There are many programs offered in both the public and private sectors, many of which are geared toward
individuals who want to start a business. There is no doubt that these programs are important and meet a
need. The results are in, and the empirical evidence is indisputable. Over $__ billion dollars in annual revenue
comes from the activities of CMSDC certified MBEs. As a result, more than __ thousand people are
employed directly and indirectly by these same firms. Finally the $___ million in various tax revenues gained
by Metro Chicago and Northwest Indiana again proves that minority-owned firms are not a small, niche
market but major contributors and players in both Chicago’s economy and the overall US economy. If the
question is “how do we reinvigorate a stagnant economy, create sustainable jobs, and positively contribute to
the tax base?” then the answer is evident: support the Chicago Minority Supplier Development Council.

REFERENCES
ChicagoMBDA. "MBDA Web Portal." MBDA Web Portal. ChicagoMBDA, n.d. Web. 20 July 2015.
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Stanford, CA: Stanford Business, 2011. Print.
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businesses non-minority-owned businesses: The troubling reality of capital limitations.
Retrieved from U.S. Government Printing website:
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Ingenito, R., O'Malley, M., Stanley, M., Taylor, C., & Vasche, D. Legislative
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Jensen, K., Lambert, D., Menard, R., English, B., & Xu, W. (2011). Projected economic impacts
of green jobs development in the appalachian region. Informally published manuscript,
Department of Agricultural & Resource Economics, The University of Tennessee,

Knoxville, Tennessee. Retrieved from http://beag.ag.utk.edu/pp/GreenJobsImpactARC2.pdf
Varshney, S., & Tootelian, D. (2009). Cost of state regulations on California small business
study. Informally published manuscript, College of Business Administration, California
State University, Sacramento, California.
Retrieved from http://arc.asm.ca.gov/member/3/pdf/CostofRegulationStudyFinal.pdf
Varshney, S., & Tootelian, D. (2009). The economic impact of the small business and disabled
veteran business enterprise. Informally published manuscript, Business Administration,
California State University, Sacramento, California.
Retrieved from http://www.documents.dgs.ca.gov/dgs/PIO/SB/SmallBusinessStudy.pdf

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