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Startups, newly established and growing small businesses now have a new source of financing backed by the U.S. Small Business Administration as 20 community organizations have been funded by SBA to start making loans up to $200,000 to qualifying small businesses.
Authorized under the Small Business Jobs Act of 2010, the new Intermediary Lending Pilot Program will provide direct loans up to $1 million to 20 community organizations or intermediaries in fiscal year 2011, which in turn will use those funds to help finance small businesses, mostly in underserved markets.
In 2010, MBDA achieved substantial agency wide level results including several that were of historic nature. Establishment of the first MBDA-led National Advisory Council in nearly 40 years In early 2010, MBDA petitioned U.S. Department of Commerce Secretary Gary Locke to establish a secretarial-level advisory council on minority business enterprises. On November 3, 2010, the Secretary approved the creation of the National Advisory Council for Minority Business Enterprise (NACMBE).
MBDA Achieved Record Performance in 2010
In FY 2010, MBDA experienced the most productive year in the history of the Agency. MBDA created 6,397 new jobs across the nation and saved tens of thousands of existing jobs by helping minority-owned and operated businesses obtain 964 contracts, totaling $1.688 billion, and 522 financial awards, totaling $2.264 billion.
For over 40 years, the Minority Business Development Agency (MBDA) has facilitated job growth by fostering the development of minority-owned business here in the United States. Minority business enterprises (MBEs) create jobs in a variety of economic sectors, from manufacturing to hospitality services and everything in between.
To ensure that our country remains competitive in the future, we must ensure that minority-owned businesses are providing the jobs of the future. That’s why MBDA works to help minority-owned businesses participate in some of our fastest growing sectors including high-tech, healthcare IT, and green energy.
Advancements in technology and new developments in information technology bring more opportunities in the tech sector. As healthcare providers improve and update the way they store and share medical records, there will be growing jobs in healthcare IT. Finally, as we transition from fossil fuels to cleaner modes of energy production, there will be more and more opportunities in the green, renewable energy solutions our children and grandchildren will come to rely on.
These jobs may be updating our electrical grid, maintaining infrastructure, or manufacturing new materials, such as solar panels.
During the First Session of the 112th Congress, Members introduced various bills designed to help spur job creation, particularly in emerging industries such as technology and green energy. Below are some examples of legislation and their sponsors introduced to date: