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Commerce Participates in Business Sunday

Blogged By: 
MBDA
Created on April 2, 2014
 

Crowd Shot from Business SundayThis weekend, the Commerce Department’s Center for Faith-based and Neighborhood Partnerships joined forces with the Minority Business Development Agency (MBDA), BusinessUSA, the Small Business Administration (SBA) and 19th Street Baptist Church to host the first Business Sunday in Washington, DC. Business Sunday is a program focused on promoting local economic growth and job creation by connecting congregations and communities with the valuable business development resources offered by the Federal Government.

Close to 300 business owners, entrepreneurs and nonprofit leaders came together for the first Business Sunday, packing the fellowship hall at 19th Street Baptist Church. The event included greetings from Melissa Rogers, Executive Director of the White House Office of Faith-based and Neighborhood Partnerships, as well as presentations from SBA, MBDA and BusinessUSA on how to access important technical assistance, business counseling, loans and other practical resources. Participants also had the opportunity to sign up for health insurance for their business or themselves through the DC Health Benefit Exchange. Following the event attendees stayed for more than an hour to network and speak individually with Commerce and SBA staff.

Reverse Trade Missions: Brazil & Mexico

Blogged By: 
MBDA
Created on March 28, 2014
 

Reverse Trade Missions bring foreign buyers to the United States, pending an upcoming procurement, in order to observe the design, manufacture, demonstration and operation of U.S. products and services that can help them achieve their development goals. These strategically planned missions also present excellent opportunities for U.S. businesses to establish or enhance relationships with prospective overseas customers.

In 2013 USTDA funded 24 reverse trade missions that introduced U.S. company representatives to key foreign decision-makers, including senior governmental and private sector officials from high-growth markets. The reverse trade mssions target current and near-team business opportunies, often creating immediate results and export successes for U.S. businesses.

Congressional Recognition of MBDA's 45th Anniversary

Blogged By: 
Terry Richards, Legislative & Intergovernmental Affairs Specialist
Created on March 17, 2014
 

On Wednesday, March 5, 2014, MBDA celebrated its 45th anniversary and 45 years of nation building through the minority business community. Since its creation by Executive Order in 1969, MBDA has worked tirelessly and diligently to promote the growth and global competitiveness of a critical segment of the U.S. economy.

MBDA was honored to see that the efforts and accomplishments of the Agency over the years have not gone unnoticed by Members of Congress. All day on March 5th, Members of Congress took to various forms of media to express their gratitude for and congratulations to MBDA. U.S. Reps. Sheila Jackson-Lee (TX-18) and Judy Chu (CA-27) issued press releases applauding the work of the Agency in their respective communities. Congresswoman Chu also provided a video statement of support the same day. The Congressional Hispanic Caucus and U.S. Reps. Barbara Lee (CA-13) and Tony Cardenas (CA-29) participated in the commemoration through Twitter by tweeting thanks and best wishes. In addition, other Members spoke highly of the Agency on the floor of the U.S. House of Representatives by providing statements that are now permanently recorded in the Congressional Record. Floor speakers include: U.S. Reps. Cedric Richmond (LA-02), Sheila Jackson Lee (TX-18), and Steve Cohen (TN-9).

MBDA Business Center Spotlight: Houston Grand Opening

Blogged By: 
MBDA
Created on March 17, 2014
 

The Houston MBDA Business Center held their grand opening ceremony March 5.

Houston Open House

The kick-off event started with a ribbon cutting ceremony at the center, followed by a roundtable discussion with local business leaders. Candace C. Shiver, Esq., MBDA’s Special Advisor to the Office of the National Director and Roger Harris, Houston MBDA's Program Director, spoke with participants about local challenges minority businesses face and opportunities for enhancement and growth.

Frequently Asked Questions about Small Business Finance

Blogged By: 
SBA
Created on March 17, 2014
 

The following is an excerpt from Frequently Asked Questions about Small Business Finance

Dollars bills and question markWhat is the lending picture for ventures owned by women, veteran, minorities, and immigrants?

Women-owned businesses (just like their male counterparts) largely depend on personal finances; but women-and minority-owned firms are more likely to use credit cards for startups and expansion. Women are 30 percent more likely than males to start businesses without seeking financing, and only half as likely to obtain business loans from banks. Hispanic- and African-American owned firms are more likely than other business owners to rely on owner equity at startup. Veteran-owned businesses’ use of credit for startup and expansion was similar to other businesses. For example 11 percent of veterans used credit cards and 8 percent used bank loans for expansions, while the figures were 13 percent and 9 percent, respectively, for all firms.

The sources of startup capital used by immigrant businesses do not differ substantially from those used by non-immigrant firms. However, their heavier-than-average reliance on credit cards negatively affects a business by displacing a personal relationship with a bank, which is often the source of less costly financing that is tailored to a business’s needs.

Did you know...

Between 2002 and 2007, minority-owned firms outpaced the growth of non-minority firms in gross receipts, employment, and number of firms. Minority firms are an engine of job creation.
Graph for MBE Growth

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