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Capital Access Report
MBDA releases the Capital Access report “Disparities in Capital Access Between Minority and Non-Minority-Owned Businesses: The Troubling Reality of Capital Limitations Faced by MBEs”. The report provides new findings on disparities in capital access between minority businesses and non-minority businesses after controlling for a number of factors including size of firm and credit worthiness among other.
Minority-owned firms Increased by 46 Percent to 5.8 Million between 2002 and 2007
MBDA and the U.S. Census Bureau announced that the number of minority-owned firms increased by 46 percent to 5.8 million between 2002 and 2007 according to data from the Preliminary Estimates of Business Ownership by Gender, Ethnicity, Race and Veteran Status: 2007, from the U.S. Census Bureau’s 2007 Survey of Business Owners.
MBDA assisted a team of African-American businesses to bid for a telecommunications contract. The team was composed of primary partners to Trillion Communications Corporation, A2D, Inc. and A-Plus Community Solutions that are working to increase broadband access in underserved communities. With the assistance of MBDA, Trillion Communications Corporation secured an $84 million procurement project creating 1,200 new jobs.
Contracts, Capital and Jobs
The Agency created 6,397 new jobs by assisting minority-owned companies in obtaining nearly $4 billion in contracts and capital, an historic high. During the first two years of the Obama Administration, MBDA created nearly 11,000 new jobs and saved tens of thousands of existing jobs while helping minority-owned firms obtain nearly $7 billion in contracts and capital.
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). The NACMBE is the first Secretarial-level advisory council for minority-owned businesses in nearly 40 years. The Council provides advice and recommendations to the Secretary on a broad range of policy issues affecting the minority business community as part of the Obama Administration’s focus on creating new jobs and strengthening the U.S. economy. The NACMBE is composed of chief executive officers of Fortune 500 corporations, chief executive officers of substantial minority-owned corporations and the presidents of national advocacy organizations.
American Recovery and Reinvestment Act
Since its inception, MBDA has played an integral role in supporting minority-owed firms in American Recovery and Reinvestment Act (ARRA) efforts. These efforts include redirecting over $900,000 in program funding in 2009 to support ARRA efforts on state and local levels. ARRA efforts also included working with key representatives at the federal, state and local government levels to ensure minority businesses receive their fair and equitable share of ARRA contract opportunities. MBDA continued to support ARRA-related contracting and financing opportunities in 2010 as ARRA activities wound down. MBDA led or participated in 112 of the total 300 federally sponsored ARRA-related events and helped facilitate $150 million in additional ARRA-related contracts for minority-owned firms at the state and local level.
Development of Leading Edge Research on the Minority Business Community
MBDA produced leading-edge research on the minority business community in partnership with the U.S. Census Bureau. This research produced user-friendly statistical fact sheets, including: Minority-Owned Business Growth and Global Reach and Hispanic-Owned Business Growth and Global Reach.
BP/Gulf Coast Oil Spill
MBDA played a critical role in supporting minority-owned businesses in the gulf coast region, adversely affected by the BP/Gulf Coast Oil Spill, the worst oil spill in the history of our nation. MBDA provided business rebuilding assistance to local Vietnamese, Cambodian, Hispanic, and African-American fishermen, shrimpers and oyster farmers. MBDA Business Centers located in the Gulf Coast region (Alabama, Louisiana and Mississippi) successfully hosted multiple town hall listening sessions, engaged various chambers of commerce, trade associations and community leaders to ensure that affected communities were assisted in all aspects of their recovery.
MBDA expanded MED Week to include export training, and for the first time, embassy-sponsored events. The Embassy of the People’s Republic of China and the Embassy of Republic of South Africa hosted events for MED Week attendees. MBDA also secured a record $30 billon in procurement opportunities for the Business-to-Business Expo. These opportunities were showcased to the over 1,500 companies that participated in the event.
Successful Launch of the MBDA Business Center Program
On November 10, 2010, MBDA completed a nationwide grant solicitation to operate 30 MBDA Business Centers, including new locations in Cleveland, OH; Denver, Colorado; and Manhattan, New York. The strategic business consulting services provided by the MBDA Business Centers help create and retain jobs, many in communities hardest hit by the economic downturn.