Money Smart for Small Business
As contracting and development opportunities in Richmond increase, the Office of Minority Business Development
(OMBD) remains committed to providing maximum opportunities for
minority, disadvantaged and emerging businesses. It is our mission to help these businesses participate in the full array of
contracting opportunities our city has to offer.
While OMBD's programming encourages minorities to start new
businesses, we are equally focused on ensuring that existing minority and emerging businesses take the necessary steps to
achieve substantive growth. Our programs are geared to informing, educating and motivating minority and emerging firms to
become more involved in procurement opportunities. We also create opportunities that enable contractors and service providers to
build strategic alliances with one another.
We remain committed to increasing the number of minority-owned businesses that are selected as prime vendors for city projects,
as well as working to increase the money paid to minority and emerging businesses.
Working with the business community, OMBD will continue to
strive to reach the city's goal and contribute to a sustained, long-term turn-around in the quality of life for city residents
with quality public schools and diverse economic opportunities.
No person shall be subjected to discrimination on the basis of race, color, or national origin under any program or activity that
receives Federal financial assistance. If you feel you have been discriminated against on a city of Richmond's project, please
Complaint form and submit it to our office.
- We believe in functioning with honesty, integrity and upholding the highest work ethic.
- We are dedicated to helping the business community.
- We make every effort to deliver quality customer service.
- We strive to accomplish creativeness and innovativeness.
- We embrace self-improvement to maintain our quality workforce.
Our vision is to achieve Greater economic and social equity in our community through the pursuit of parity in the amount spent by the
city of Richmond to procure goods and services using taxpayer dollars and user fees.
Our mission is to facilitate, produce, and advance opportunities for minority business enterprises
emerging small businesses (ESB), and
disadvantaged business enterprises (DBE) to successfully participate in the full
array of contracting opportunities available in the city of Richmond.
OMBD strives to increase:
The number of local MBE and
The capacity among local MBE and
DBE company availability in certain under-utilized business
categories, such as architecture
The number of public and private sector contracts won by MBE and
The number of effective strategic alliances, both in the MBE and
DBE community and beyond
DBE company access to capital
DBE company integration of information technology
OMBD shall direct its efforts toward making the utilization
and recognition of minority, disadvantaged, and emerging business enterprises in Richmond's procurement activities the usual
course of practice.
OMBD is one of the strongest advocates for increasing contract
opportunities for minority and emerging small business enterprises in the Richmond metropolitan area. We are making changes to
better serve our clients.
We want your business to succeed. We understand that your success is our success. The city of Richmond and
OMBD are committed to increasing contracting opportunities
for all minority-owned businesses (MBE) and
emerging small businesses (ESB).
We've expanded your contracting opportunities. Your business is as unique as you are. Our policy now covers all contracts,
construction and non-construction alike. If your business is minority-owned or exists in a city of Richmond Enterprise Zone
and provides professional or non-professional services, there may be a special opportunity for you with the city of Richmond.
Contracting Opportunities include:
- Multi-discipline services
- Surplus and research development
Contracting opportunities will be come more diverse. During the next several years, as billions of dollars worth of economic
development projects are launched in the city of Richmond, OMBD is committed to turning these opportunities into contracts by
building minority business capacity, improving access and tracking contract utilization.
Our programs provide small businesses with key advantages.
The Richmond Supply Schedule Program provides opportunities for minority
and emerging small businesses to participate on more city contracts. OMBD encourages
MBE and DBE
companies to use our multi cultural resource center for the purpose of obtaining the necessary information for participation in
the Richmond Supply Schedule Program.
We've streamlined our processes and procedures. OMBD is
committed to making it easier to do business with the city of Richmond. Our goal is to provide business owners with the
information and resources necessary to understand the contracting process and to identify opportunities within the city of Richmond.
We're here to help: the ombd's expanded programs now provide technical and business development assistance to minority and
emerging small businesses. Talk to us today to see how we can help your business grow.
OMBD is focused on building minority business. We are committed
to increasing contracting opportunities for all minority and emerging small businesses. We connect
minority-owned businesses (MBE) and
emerging small businesses (ESB) with the tools and resources needed to succeed.
OMBD is focused on building minority business capacity, improving access
and tracking contract utilization.
OMBD's business development effort help small businesses start,
grow and expand. We offer a full range of services, including:
Bid solicitation announcements. Register with OMBD and
receive project announcements via e-mail or visit our website for bid announcement updates.
Access to financing. OMBD is positioned to help you identify
Technical assistance. OMBD's "on-demand" technical assistance
program provides solutions to the challenges of starting and operating your business.
Site Selection Assistance. Experienced site selection professionals will help you find the location best suited to your business
Export Assistance. OMBD can help your business access
Bi-Monthly Business Education programs. OMBD coordinates
entrepreneurship development educational programs addressing current issues that help you manage your business more effectively.
From marketing your business, doing business with the city of Richmond, to how to develop a business plan. Our powerful
seminars are designed to help you learn new skills to ensure your business's success.
Matchmaking and Networking Meetings. Business is social and cultural before it is technical and financial.
OMBD can help you meet key decision makers in the public and private sectors.
Economic development incentives. From bond financing, business visitations, enterprise zone incentives to business expansion,
OMBD can help.
Resource referrals. If OMBD doesn't have the answers or expertise, we
will refer you to the agency that does. It's all a part of our "no wrong door" approach to customer service.
Project goal setting. OMBD sets minority business and emerging small
business participation goals for city-funded projects valued at $100,000.00 and above.
Contract compliance monitoring. OMBD monitors city of Richmond
contracts to ensure real minority participation.
The region's largest Minority Business Directory. OMBD offers
a directory of minority businesses, which can be accessed for free on our web pages.
Research. OMBD offers research on minority business
Information Clearinghouse OMBD is a comprehensive resource for
city of Richmond projects, bills, ordinances and activities.
Multicultural business groups in the Richmond Metro area
The latest Census data shows that the Richmond metropolitan area has 9,393 African American business establishments, 2,700 Asians
and Pacific Islanders, 1,057 Hispanic businesses, and 576 Native American Indians businesses. In 2002, black owed firms in the
Richmond area employed approximately 5,774 persons and generated approximately 558 thousand dollars in revenues.
In 2002, black-owned firms in Richmond operated in diverse industry sectors. Industries accounting for the largest receipts for
black-owned firms in Richmond are: personal, health care, environmental, professional, scientific and technical services,
construction, and retail trade. Other industries include finance, insurance, real estate, arts, entertainment, accommodations
and food service.
The increase in the number, sales, and receipts of black-owned businesses confirms that these firms are among the fastest growing
segments of our economy. Virginia ranks 10th among the top ten states with the highest number of black-owned firms.
Virginia rates tenth among the top ten US states with the largest number of African Americans. African Americans represent more
than 25% of the total population in Virginia. Like all American states, the Asian and Hispanics population will also double in
In 2005, Virginia rated 2nd among the top ten combined-statistical areas with the largest number of black-owned firms (19.1 percent
of the total African American population). Source: 2005 American Community Survey.
Size of Firm
Black-owned firms with paid employees in Richmond accounted for 10 percent of the total number of black-owned firms and 74.1
percent of the gross sales receipts. There were 1,035 with more than 5,774 employees or more which accounted for $413,592 in
Economic Impact on the US economy
Multicultural firms today employ more than 4.6 million workers and together they represent more than 15% of all business
establishments in the United States. Currently, the estimated annual buying power of the minority community in the United States
is 1.3 trillion dollars. By 2045, this number will increase to 6.1 trillion. As the number of multicultural businesses continues
to rise, so does the economic impact these businesses have on the overall economy of the United States.
Source: Survey of Business Owners: Black-Owned Firms: 2002 released
by the U.S. Census Bureau and University of Georgia, Terry College of Business.