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|From the National Director||Legislative Corner|
In support of the President’s call to increase collaboration among federal agencies and with private and public sector entities, there has been an abundance of interagency initiatives geared to increase job creation and entrepreneurship. Among these, MBDA has partnered with other federal agencies in support of the Job and Innovation Accelerator, Strong Cities, Strong Communities and Start-Up America.
As a federal partner, MBDA is providing technical support to grantees of the Job Accelerator to identify and match minority businesses with potential procurement opportunities resulting from the 20 regional innovation clusters. Moreover, we are excited that three MBDA Business Center operators won grants to implement the Job Accelerator projects. MBDA also has boots on the ground in New Orleans and Fresno, California to support economic development, business formation and expansion in those cities as part of the Strong Cities, Strong Communities initiative. In addition, MBDA continues to participate in the Start-Up America initiative to support business formation and innovation.
Congress Approves Pieces of American Jobs Act
This week pieces of President Obama’s American Jobs Act supporting veterans and government contractors won approval from both chambers of Congress. The provisions passed would repeal a tax on government contractors, boost job training for veterans and offer tax credits to companies that hire unemployed veterans.
On Thursday, November 10, 2011, the Senate passed a bill that would repeal a 3% withholding tax on federal contractors that was signed into law in 2005 but has been yet to be enacted. Prior to the passage of this provision, if enacted, government agencies would have been required to withhold 3% of all payments to federal contractors and send the funds directly to the Internal Revenue Service (IRS).
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|Spotlight on: The Minnesota MBDA Business Center|
The MBDA Business Center in Minneapolis, Minnesota is part of the nationwide network of business centers supporting the growth of minority-owned businesses. It is operated by the Metropolitan Economic Development Association (MEDA) under a five year grant funded by the U.S. Department of Commerce Minority Business Development Agency.
MEDA will receive $1.125 million during the next five years to help companies secure more than $21 million in annual contracts and more than $9 million each year in capital. Minority-owned businesses can learn how to boost their exports in support of global competitiveness and the overall growth of the national economy. MEDA executive Jim Faricy will lead the new center, the first in Minnesota.
Spotlight on … is a new segment of MBDA.gov newsletter promoting the work of our nationwide network, center by center.