News and Announcements

The number of Hispanic-owned businesses increased nearly 44 percent to 2.3 million between 2002 and 2007, more than twice the national average of all U.S. businesses.  The total number of U.S. businesses during the same period increased 18 percent to 27.1 million.  

But if parity were reached, there would be 3.4 million Hispanic-owned firms generating $1.4 trillion in gross receipts and employing 7.5 million workers.

• Between 2002 and 2007, the number of Hispanic firms grew by 44 percent to 2.3 million firms, compared to 18 percent for all U.S. firms, and compared to 18 percent growth for the Hispanic population during the same period.

• Hispanic-owned firms employed approximately 1.9 million workers in 2007, up from 1.5 million in 2002, increasing at a rate of 26 percent compared to no change at non-minority-owned firms.

• Receipts for Hispanic-owned firms increased 56 percent to approximately $345 billion.

U.S. Transportation Secretary LaHood Announces $11.6 Million in Grants for Minority- and Women-Owned Businesses
Resources will Help Small Businesses Compete for Federal Highway Contracts

WASHINGTON - U.S. Transportation Secretary Ray LaHood today announced $11.6 million in grants to help disadvantaged business enterprises (DBEs) compete for federal highway contracts in 30 states and Puerto Rico.

“Giving these small businesses the assistance they need to compete for federal highway contracts creates jobs and ultimately helps taxpayers by reducing project costs,” said Secretary LaHood. “Any way you look at them, these grants are a ‘win-win’ for the American people.”

Since our Nation's founding, the United States has been a beacon of economic opportunity and limitless possibility.  America's strength and resiliency have relied on the vision of our entrepreneurs and small business owners, whose tireless work ethic has defined the character of our country.  During Minority Enterprise Development Week, we celebrate the millions of minority business owners whose firms generate jobs, strengthen our economy, and embody the entrepreneurial spirit of America.

 Even in the toughest of times, America has been characterized by the belief that anyone with a good idea and enough hard work can succeed and share those achievements with their employees and communities.  Today, as we emerge from a historic recession, many families and businesses face difficult economic challenges, and we must continue to prioritize job creation as part of a sustained recovery that works for all Americans.  Minority-owned and operated enterprises are essential to stabilizing our economy now, and laying a foundation for future economic growth and prosperity.

Each year, the President of the United States proclaims a National Minority Enterprise Development (MED) Week to formally recognize minority-owned businesses for their professional achievements and their contributions to the Nation’s economy. 

The National MED Week Conference, hosted by the Minority Business Development Agency (MBDA), is the largest federally sponsored event held to spotlight minority business development. This hallmark event brings together nearly 2,000 minority-owned businesses from across the country to participate in a series of educational, training, and business to business matchmaking events designed to help grow and thrive in a continually changing economy.