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Minority Business Development Agency Considered an Investment in Our Future by President Obama


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Blogged By: 
Terry Richards

Winning the FutureThe President’s Fiscal Year 2012 budget proposal requests $32.3 million, a increase of $822,000, for MBDA to expand its services and assistance to our nation’s 5.8 million minority businesses.  Currently, MBDA funds 46 minority business centers located in 26 states, the District of Columbia and Puerto Rico.  These Centers receive partial funding to provide services to minority-owned firms through a grant program administered by MBDA.  The modest increase requested in the FY 2012 budget proposal would allow MBDA to fund two additional minority business centers and push the Administration’s travel and tourism initiative in concert with Native American tribes. Read MBDA Press Release and President's Fiscal Year 2012 Budget Request.

Over the last decade, the number of minority-owned businesses has grown significantly faster than non-minority owned businesses and they are more likely to create jobs during an economic downturn and generate sales from exports.  Minority-owned firms present a unique competitive advantage with the potential to have a tremendous impact to our national economy.  To win the future for America and our communities, we must unleash the ambition and innovation of our entrepreneurs.  MBDA supports the businesses who are leading us out of the recession and the Administration recognizes the results of its programs as one of the best ways to reduce our deficits and debt.

Proposed Budget Cuts for Remainder of Fiscal Year 2011 Unveiled by House Appropriations Committee.

On February 9, 2011, House Appropriations Committee Chairman Hal Rogers (KY-05) released a partial list of federal agencies and programs to receive cuts under an upcoming spending bill.The Continuing Resolution (CR) legislation will fund the federal government for the seven months remaining in fiscal year 2011.

A number of entities within the Department of Commerce are on the list of proposed budget cuts including the International Trade Administration (ITA), National Institute of Standards and Technology (NIST), National Oceanic and Atmospheric Administration (NOAA), and the Minority Business Development Agency (MBDA). As of press time, under the proposed legislation, MBDA would see a $2 million reduction from President Obama’s FY 2011 budget request for the agency.

MBDA has been working aggressively to expand the growth and development of minority-owned firms in order to assist the nation’s larger economic infrastructure. In 2010, MBDA generated nearly $4 billion in contracts and capital for minority-owned firms and created over 6,000 new jobs for all Americans. The CR is scheduled to be debated in the House before being considered in the Senate.

Members of the Tri-Caucus Elect Leaders for the 112th Congress.

Members of the Congressional Black Caucus (CBC), Asian Pacific American Caucus (CAPAC), and Hispanic Caucus (CHC) have elected their leaders for the 112th Congress. U.S. Rep. Emanuel Cleaver (MO-05) was elected to chair the CBC. Congressman Cleaver represents the Kansas City area and is currently serving his fifth term in the House.U.S. Rep. Charles A. Gonzalez (TX-20) has been elected by his colleagues in the CHC to serve as their chair succeeding U.S. Rep. Nydia Velazquez (NY-12). Congressman Gonzalez represents the San Antonio area and is in his seventh term in the House.The members of CAPAC have elected U.S. Rep. Judy Chu, Ph.D. (CA-32) to be their chair taking over from fellow Californian Congressman Michael Honda (CA-15) who served in this capacity for the past seven years. Congresswoman Chu represents a portion of Los Angeles County and is currently serving her second term in the House.

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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