Maya Payne Smart

Minority Business Reporting
By Maya Payne Smart

WWW


Before miners had sophisticated hand-held gas monitors to gauge the toxicity of air in the underground shafts where they labored, they relied on birds to test carbon monoxide levels for them. When the creatures with their rapidly pulsing hearts and quick metabolism stopped singing, teetered and fell, the miners knew that they too were in danger.

Like miner’s canaries, the trials of minority communities and businesses can shed light on the vulnerabilities that imperil us all. In retrospect, it’s clear that the predatory mortgage lending that disproportionately victimized minorities wasn’t an isolated strand but an integral thread in the fabric of the global economy. Risky mortgages, we learned belatedly, had been repackaged into a dizzying array of asset-backed securities and sold the world over so that when subprime borrowers hit snags Wall Street titans unraveled soon after.

I’m not suggesting, as some pundits have, that minorities caused the credit crisis. But rather that in-depth reporting on minority business and finance and their ties to the broader economy can help expose marauding executives, deceptive marketing and lax regulation.

It can also provide fresh insights into business as usual. For example, each June Black Enterprise magazine presents a microcosm of U.S. commerce—the good and the bad—in its annual report on the fortunes of the largest black-owned businesses.The 2009 list reveals carnage among black-owned auto dealers as well as the inspiring rebirth of a back-office services provider as an IPO-poised pharmaceutical manufacturer.

Even in the absence of credit meltdowns, corporate scandals and economic recession, the sheer numbers of minority businesses and buying power of blacks, Latinos and Asians points to the increasing influence they wield and the need for deliberate coverage of them. There are 4.1 million minority-owned firms in the U.S. They account for $668 billion in annual revenue and employ nearly 5 million people, according to the U.S. Department of Commerce. Minority-owned enterprises are also starting up at a faster rate than other companies, which makes them important sources for stories on both job creation and innovation.

Moreover, to ignore minority business is to discount a growing segment of your potential readership. The U.S. Census Bureau predicts that non-whites will be the majority by 2042. Already, one in ten U.S. counties have a population that is more than 50 percent ethnic and racial minority.

Most minority businesses are small and privately held, which means reporters usually aren’t privy to their finances with the frequency or regularity we get from public companies. But some are required to file SEC documents if they were recently taken private or took on debt and buyers required disclosure. Other valuable numbers can be gleaned from the secretary of state’s office, occupational licensing boards, trade associations, county records, health and safety boards, WARN Act filings with the Department of Labor and court proceedings. (For more details, see Chris Roush’s Covering Private Companies).

But numbers without the human element, sophisticated analysis and an eye toward the public interest are insufficient. For this, nothing beats boots on the ground. Fortunately, the diverse voices of experts and laymen that you need are just a call, drive or click away.

Meet minority business owners at networking events held by local affiliates of organizations like the National Black Chamber of Commerce, the United States Hispanic Chamber of Commerce, the National Urban League and the National Minority Supplier Development Council. Find out what they do, the challenges they face, the successes they’ve had and their perceptions of the local business climate.

Check with procurement departments of large enterprises in your area to find minority suppliers. Big companies often are eager to tout their partnerships with minority-owned businesses. Moreover, they can provide insight into the health of minority-owned businesses in the area and their fitness to source materials and services on a large scale.

Follow public policy debates to get familiar with issues that may affect your coverage. Think tanks like the Joint Center for Political and Economic Studies, which studies legislation related to black workforce development, asset-building, retirement security, affordable housing and more, are great resources. As are the Congressional Hispanic, Black, and Asian Pacific American caucuses, also known as the Tri-Caucus. They can also refer you to local stakeholders.

Finally, don’t overlook the wisdom of your peers. Build relationships with minority journalists to find out some of the business trends they are observing or covering. Organizations such as the Maynard Institute, UNITY: Journalists of Color, National Association of Black Journalists, National Association of Hispanic Journalists, Asian American Journalists Association, and Native American Journalists Association promote the balanced coverage of minority communities.

The Society of Professional Journalists even has a Rainbow Diversity Sourcebook. Search it to find American Indian, Arab American, Asian American/Pacific Islander, African American, Hispanic and South Asian experts in business, consumer issues, economics, labor issues and trade.