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Hamilton, NJ (May 3, 2024) – The African American Chamber of Commerce of New Jersey (AACCNJ) announces the planning for the NJ Pilot of Driven By Equity (DbE) program, a transformative initiative to develop and advance minority, women and veteran owner-operator trucking businesses in partnership with the Minority Professional Trucking Association (MPTA), Task Force Movement (TFM) and Dixon Center for Military and Veteran Services.
The trucking industry, a cornerstone of the U.S. economy, has historically been a diverse sector. Today, over 42% of truck drivers are minorities and nearly 10% are women. However, small trucking businesses, or owner-operators, face unprecedented challenges, leading to high failure rates. Many minority and women business owners lack the necessary formal networks for guidance and support, making it difficult to navigate this complex industry.
"Trucking remains a critical driver for the U.S. economy, employing over 3.4 million truck drivers and contributing to a $725+ billion industry," said Teresa Watson, CEO of MPTA. "However, small trucking businesses are struggling due to low margins, difficulty accessing capital, and a lack of contract negotiation skills. The Driven By Equity Initiative aims to address these challenges and clear the path to the middle class for disadvantaged business owners." Colonel (Ret.) Sam Whitehurst, Vice President at Dixon Center, addressed the potential of veterans in the trucking industry, “Veterans are hard-wired to be successful entrepreneurs, especially in the trucking industry. It comes down to connecting them with the right training opportunities and mentorship—this is Driven by Equity.”
Approximately 91% of trucking businesses in the U.S. are small businesses, yet there is currently no formal education or certification program available to them. The Driven By Equity Initiative seeks to fill this gap by connecting industry experts with potential and current owner-operators, providing them with a roadmap to success that includes:
- Certification via the Owner-Operator Training Academy
- Owner-Operator toolkit
- Owner-Operator Mentorship Program
Elizabeth Belcaster, Executive Director of Task Force Movement, stressed the power of collaboration in creating opportunities for veterans and underrepresented communities, “Through collective action with AACCNJ, MPTA, and Dixon Center, we are leveraging the strengths of each of our organizations to create positive outcomes.”
John Harmon, President and CEO of AACCNJ, expressed his support for the initiative, stating, "New Jersey is uniquely poised to advance the DbE initiative as the trucking industry is a significant economic driver in our state. According to the New Jersey Motor Truck Association, the trucking industry in New Jersey employs over 100,000 people and contributes more than $23 billion annually to the state's economy. Owner-operator truckers play a crucial role in this sector, providing flexible and specialized services that contribute to the industry's efficiency and growth. Supporting and empowering these small business owners through the Driven By Equity program will not only strengthen our local economy but also create opportunities for economic advancement and prosperity for minority, women, and veteran-owned businesses in New Jersey."
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