About Minority business development agency - u.s. department of commerce
Minority Business Development Agency - U.S. Department of Commerce: Promoting the Growth and Competitiveness of Minority-Owned Businesses
The Minority Business Development Agency (MBDA) is a federal agency under the U.S. Department of Commerce that is dedicated to promoting the growth and competitiveness of minority-owned businesses in the United States. Established in 1969, MBDA has been at the forefront of advancing economic opportunities for minority entrepreneurs and business owners.
MBDA's mission is to foster growth and global competitiveness for minority-owned businesses by providing access to capital, contracts, markets, and technical assistance. The agency works with a network of strategic partners including federal, state, local agencies, private sector organizations, and academic institutions to deliver its programs and services.
One of MBDA's core programs is its Business Center Network (BCN), which provides customized business development services to eligible minority-owned firms across the country. The BCN offers a range of services such as access to capital through loan packaging assistance; market research; procurement matching; export promotion; strategic planning; marketing support; technology transfer assistance; mentoring/coaching/consulting services.
Another key program offered by MBDA is its Federal Procurement Center (FPC), which helps minority-owned firms compete for federal contracts by providing technical assistance on how to navigate government procurement processes. The FPC also assists with identifying potential contracting opportunities through various databases such as FedBizOpps.gov.
In addition to these programs, MBDA also offers several other initiatives aimed at supporting minority entrepreneurs such as:
- Accessing Capital Initiative: This program helps connect eligible firms with lenders who can provide financing options tailored specifically for their needs.
- National Minority Enterprise Development Week: An annual event that celebrates successful minority entrepreneurs while highlighting challenges faced by minorities in business.
- Global Diversity Summit: A forum that brings together leaders from diverse backgrounds across industries to discuss strategies for promoting diversity in corporate America.
- Native American Business Enterprise Center Program: A program designed specifically for Native American-owned businesses that provides technical assistance on issues related to starting or growing a business.
MBDA has been instrumental in helping thousands of small businesses owned by minorities grow their operations over the years. According to data from 2018 Annual Performance Report published by MBDA itself:
- In FY 2018 alone, MBDA helped create or retain over 33k jobs
- Helped clients obtain $1 billion+ in contracts & capital
- Assisted clients generate $3 billion+ in revenue
Overall it can be said that if you are an entrepreneur belonging from any ethnic background other than white then you should definitely consider reaching out towards this organization because they have all sorts of resources available which will help you grow your business exponentially!