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Texas Small Business Expands Sales Overseas With EXIM Bank's Insurance Policy

Blogged By: 
Amanda Rogers, Export-Import Bank Public Affairs
Created on August 15, 2016

Gabriel Ojeda runs a small concrete additive business called Fritz-Pak out of a modest warehouse just east of Dallas with his wife and son. Gabriel Ojeda runs a small concrete additive business called Fritz-Pak out of a modest warehouse just east of Dallas with his wife and son. They manufacture 40 different specialty products, including plasters you’d find in swimming pools or sports stadiums. Sales were steady—until the 2008 recession hit. Gabriel had to lay off three of his 14 employees, and was nearly forced to sell off the business. When Gabriel’s family came up with the idea of pursuing sales in global markets, they sought out private financing—but when a typical export sale is only 10 or 12 thousand dollars, a local bank isn’t always interested in financing. So when private financing proved unavailable, the company turned to the Export-Import Bank of the United States (EXIM Bank) for a reliable insurance package to protect their overseas sales. 

In 2011, EXIM Bank approved a $200,000 insurance policy which helped Fritz-Pak expand to Russia, Taiwan, China, and South Africa. With EXIM’s insurance the Ojedas were able to offer their new foreign buyers credit terms while protecting against the risk of not being paid.

MBDA Signs Memorandum of Understanding with Fundation LLC

Blogged By: 
Yifan Song, MBDA Intern
Created on August 9, 2016

 MBDA Deputy Director Albert K. Shen and Fundation CEO Sam Graziano sign MOUThe U.S. Department of Commerce Minority Business Development Agency (MBDA) signed a memorandum of understanding with one of the nation's leading small business lenders, Fundation Group LLC. Signing on behalf of MBDA was Deputy Director Albert K. Shen, and signing on behalf of Fundation was CEO Sam Graziano.

The official signing, which took place overlooking the U.S. Capitol, marks the beginning of a partnership designed to provide minority-owned business enterprises (MBEs) with access to business insights and strategies, while also increasing access to an additional source of alternative capital via Fundation’s online lending platform.

Entrepreneur of the Month - August 2016

Blogged By: 
Created on August 9, 2016

Donald L. Mooney: Donald L. Mooney Enterprises dba NURSES Etc. STAFFINGDonald L. Mooney is the founder and CEO of Donald L. Mooney Enterprises, and is a quintessential selection for our August Entrepreneur of the Month. Donald L. Mooney Enterprises provides human capital resources and workforce solutions to the public and private sectors, and has built a roster of clients that includes the United States Army, Air Force, and Navy.

Don comes from humble beginnings in Texas, where he was raised by his grandparents. He worked hard to obtain an appointment to the prestigious United States Military Academy at West Point. Don entered the U.S. Army, and retired as a Lieutenant Colonel after 22 years of service. In 1997, he started his second career, serving as Dean of Boys and Commander of Cadets at the high school from which he had graduated, San Marcos (Texas) Baptist Academy. By the year 2000, Don could no longer deny his entrepreneurial spirit. A conversation he had shared with the owner of a staffing company inspired him to start his own business. He had always loved working with people, gravitated toward the staffing business model, and found he could apply his knowledge as a former Operations Officer in the Army to that line of work. Don decided it was his time, and submitted three months’ notice to his alma mater. He had a desire to ignite generational wealth, and felt it was important to create a successful business for his grandchildren.

Minority Entrepreneurs and the Innovation Ecosystem

Blogged By: 
Alejandra Y. Castillo, MBDA National Director
Created on August 8, 2016

U.S. Demographics Are Key To Our Economic Destiny

Cross post from Medium

U.S. Demographics Are Key To Our Economic Destiny

This year for the first time, the United States served as an official partner country of the world’s largest industrial trade fair, Hannover-Messe. Along with President Barack Obama and U.S. Department of Commerce Secretary Penny Pritzker, I accompanied a delegation of American minority entrepreneurs to Germany.

Within hours of the fair’s opening, it was evident that we had stepped into a time portal that zipped us into the future of the global industrial economy. The fair’s theme, “Integrated Industry — Discovery Solutions,” only hinted at the amazing innovation-driven universe that we ultimately encountered at the trade expo. I witnessed the connective tissue of a vast, powerful technological framework taking shape — the Internet of Things (IoT) — and sensed that we were at the threshold of a major seismic shift in global industries, an unprecedented period of technological advancement. A new world of Artificial Intelligence (AI), advanced manufacturing, Big Data, and sensors is remaking entire industries at a breakneck pace.

MBDA Participates at Reservation Economic Summit

Blogged By: 
Verlinda Harris, MBDA Management Analyst
Created on August 4, 2016

The Minority Business Development Agency's (MBDA) National Director Alejandra Y. Castillo traveled to the Reservation Economic Summit (RES) in Tulsa, OK, to give a keynote address on increasing Native American entrepreneurship and expanding their business pursuits beyond gaming to include innovative technology.

RES attendees were able to ask questions about federal contracting, obtaining business certifications, as well as ways for Native American business owners to work with local, state, and Federal Government agencies to increase economic development in their communities.

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