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Look South for your Next Customer!

Blogged By: 
Gabriela Morales, MBDA, Business Development Specialist
Created on February 24, 2014

Western HemisphereAre you a minority business enterprise? Look south for your next customer! Secretary of Commerce Penny Pritzker announced the Look South initiative in January. The initiative is a U.S. Commerce Department-led, federal effort to encourage entrepreneurs like you to do business with our Free Trade Agreement (FTA) partners in Latin America. The 11 FTA economies are Chile, Colombia, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, and Peru.

Minority business enterprises have great opportunities in looking south for their next customer, since MBEs are more likely than non-minority-owned firms to export, five times more likely to conduct business in languages other than English, and typically possess cultural knowledge and business acumen that enables breaking into the global market more efficiently and effectively.

That is why the Minority Business Development Agency (MBDA), in collaboration with the International Trade Administration (ITA) and other federal agencies, are working to encourage greater export activity among the nation’s 5.8 million minority-owned and managed firms. Through nationwide MBDA Business Centers and ITA’s U.S. Export Assistance Centers, minority-owned firms have access to financing, market analysis, technical assistance and other services to help expand their reach.

U.S. Secretary of Commerce Penny Pritzker Recognizes African American Heritage Month & Highlights CEO Fireside Chat

Blogged By: 
U.S. Secretary of Commerce Penny Pritzker
Created on February 19, 2014

The Fifth Anniversary of the American Recovery and Reinvestment Act

Blogged By: 
Jason Furman is the Chairman of the Council of Economic Advisers
Created on February 19, 2014

This post originally appeared on the White House blog.

Five years ago, on February 17, 2009, less than a month into his first term, President Obama signed into law the American Recovery and Reinvestment Act of 2009. At the time, the country was experiencing the worst economic crisis since the Great Depression. Private employers had already cut almost 4 million jobs, trillions in dollars in household wealth had been wiped out, and the economy’s total output was in the midst of its sharpest downturn of the postwar era. 

Celebrating African American Heritage Month

Blogged By: 
Acting National Director Alejandra Y. Castillo, Esq.
Created on February 19, 2014

I am honored to serve as the Agency’s Acting National Director. In this capacity, I will continue to promote our Agency’s important mission and the stellar work of minority-owned businesses.

Global Connect: Arizona Trade Finance Seminar: A Must Attend Seminar to Learn How to Access Capital and Financing for Exports

Blogged By: 
Yuki Fujiyama, ITA Trade Finance Specialist
Created on February 14, 2014

Global Connect: Arizona Trade Finance SeminarThis post originally appeared on International Trade Administration Tradeology blog.

Yuki Fujiyama is a trade finance specialist with the Office of Finance and Insurance Industries in the International Trade Administration.

The U.S. Department of Commerce is partnering with a number of local organizations and federal agencies in offering The Global Connect: Arizona Trade Finance Seminar at the Thunderbird School of Global Management on February 21 in Glendale, Ariz.

This seminar will be available in person and via teleconference, covering a series of important export finance subjects:

  • How to get paid from export sales;

  • Ways to approach and work with banks to enter and grow in global markets;

  • Steps to access export working capital and trade credit;

  • How to increase export sales and reduce the risk of nonpayment by foreign buyers;

  • Methods of receiving payment in foreign currencies;

  • U.S. government export assistance resources; and

  • Global business development resources for minority-owned businesses.

Global Connect: Arizona will bring together experts from both the public and private sectors to discuss resources available to U.S. exporters. This applies to businesses of any size for their financing needs.

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