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Press Releases


  • Submitted on 16 May 2016

    FOR IMMEDIATE RELEASE
    May 16, 2016
    Contact: Dijon Rolle
    Email: drolle@mbda.gov

     

     

    Federal funding will support MBDA Business Centers across the Nation

    WASHINGTON (May 16, 2016) — The U.S. Department of Commerce’s Minority Business Development Agency (MBDA) is awarding $31.5 million in federal funding to 21 grant recipients as part of its MBDA Business Center Program (29). The program is designed to help minority-owned firms create jobs, compete in the global economy and grow their businesses. 

    "For more than 40 years, MBDA has led efforts to support minority firms and provide them with the tools and technical expertise they need to excel. This is the very foundation on which this Agency was founded back in 1969. It’s the core of who we are and what we represent,” said MBDA National Director Alejandra Y. Castillo. “This funding goes far beyond just the monetary aspect. This is a long-term investment in our community and in our nation.”

  • Submitted on 10 May 2016

    FOR IMMEDIATE RELEASE
    May 10, 2016
    Contact: Dijon Rolle
    Email: drolle@mbda.gov

     

    Agency launches a grant competition to generate greater access to capital for minority-owned businesses

    WASHINGTON (May 10, 2016) —The U.S. Department of Commerce Minority Business Development Agency (MBDA) has announced a competitive solicitation for candidates interested in operating a new MBDA Capital Project. MBDA will award one cooperative agreement totaling $2.5 million over a five-year period – from fiscal year 2016 to fiscal year 2021 – to operate the project in any of the 50 states or Puerto Rico.

    The Capital Project, the first of its kind in the Agency’s history, is designed to serve as a hub for minority business enterprises (MBEs) across the country seeking financing solutions to grow and expand their businesses. It is a key component of the Agency’s overall portfolio of business development services that will result in MBE clients securing debt, equity, mezzanine financing and alternative sources of capital.

    “Access to capital remains one of the most prevalent barriers for the creation, expansion and growth of minority-owned firms,” said MBDA National Director Alejandra Y. Castillo. “The new MBDA Capital Project is an important investment that will help minority-owned firms secure financing to grow their businesses, create jobs, and continue to contribute to a stronger U.S. economy.

  • Submitted on 03 May 2016

    National AAPI Business Summit

    WASHINGTON — The U.S. Department of Commerce’s Minority Business Development Agency (MBDA) and the White House Initiative on Asian Americans and Pacific Islanders (WHIAAPI) will host its first-ever National Asian American Pacific Islander (AAPI) Business Summit on Wednesday, May 25.

  • Submitted on 26 February 2016

    FOR IMMEDIATE RELEASE
    February 26, 2016
    Contact: Dijon Rolle
    Email: drolle@mbda.gov

     

     

    MBDA to receive increase in funding for programs and services

    WASHINGTON (February 26, 2016) — Today the U.S. Department of Commerce, Minority Business Development Agency (MBDA), outlined President Obama’s fiscal year 2017 budget proposal in support of the growing number of minority-owned businesses in the United States. The budget would enable MBDA to continue offering valuable programs and services to minority businesses and support a coordinated approach to engage, educate, and build capacity among minority entrepreneurs.

    “These additional resources would help us serve an even greater number of minority businesses across the nation,” said Alejandra Y. Castillo, MBDA National Director. “We also would be able to reach and empower the next generation of minority business leaders through a new program targeted at young entrepreneurs.”

  • Submitted on 15 December 2015

    FOR IMMEDIATE RELEASE
    December 15, 2015
    Contact: Dijon Rolle
    Email: drolle@mbda.gov

     

     

    WASHINGTON (December 15, 2015) The U.S. Department of Commerce today released the final results of the U.S. Census Bureau’s 2012 Survey of Business Owners (SBO), which found that business ownership in our nation is mirroring our increasingly diverse population.  Minority-owned firms in the U.S. rose from 5.8 million in 2007 to 8.0 million in 2012, and employed 7.2 million people in 2012. While the number of minority-owned businesses increased by 2.2 million, the number of non-minority- owned businesses declined by 1.1 million, from 20.1 million in 2007 to 18.9 million in 2012. 

    “The Commerce Department is committed to supporting all of America’s businesses, and ensuring that small and minority-owned firms in particular have the tools they need to thrive,” said National Director for Minority Business Alejandra Y. Castillo. “The Department’s Minority Business Development Agency (MBDA) has been a proud and steadfast partner to our nation’s 8 million minority-owned businesses, to better equip these firms to create jobs and increase revenues.

  • Submitted on 30 November 2015

    FOR IMMEDIATE RELEASE
    November 30, 2015
    Contact: Dijon Rolle
    Email: drolle@mbda.gov

     

     

    U.S. Department of Commerce Minority Business Development Agency (MBDA) National Director Alejandra Y. Castillo and Operation HOPE founder, chairman and CEO John Hope Bryant, signed a memorandum of understanding at the MBDA headquarters in Washington, DC. WASHINGTON (November 30, 2015) — Today the U.S. Department of Commerce Minority Business Development Agency (MBDA) and Operation HOPE signed a memorandum of understanding designed to provide U.S. minority business enterprises (MBEs) with greater opportunities to access technical and financial resources. The official signing took place at the MBDA headquarters in Washington, DC.

    “This is truly an exciting opportunity for both MBDA and Operation HOPE. This agreement allows us to collaborate in a way that lays the foundation for a national outreach alliance partnership,” said Alejandra Y. Castillo, MBDA National Director. “We look forward to working together.”

  • Submitted on 27 November 2015

    FOR IMMEDIATE RELEASE
    November 27, 2015
    Contact: Dijon Rolle
    Email: drolle@mbda.gov

     

     

    Agency to invest $13.4 million in 2016

    WASHINGTON, Nov. 27, 2015 -- Today the U.S. Department of Commerce Minority Business Development Agency (MBDA) announced a third grant competition for programs that will start in 2016.i MBDA is presently seeking a cooperative partner to operate a business consulting project in the San Francisco Bay Area. This project is expected to operate without a permanent physical office facility. Instead, we are looking for creative solutions utilizing alternative workspace arrangements and creative customer engagement from established organizations in the minority business arena.   

    The business consulting project will serve as a pilot to test what could become the future of MBDA Business Centers—operating with significantly less overhead and more time to dedicate to clients. "Alternative workplace arrangements have been successful for many industries (including the Federal Government) and our business model must evolve in a way that enables us to make more of a direct investment in our clients—minority business owners," said Alejandra Y. Castillo, MBDA National Director. "The San Francisco Bay Area has one of the longest average commute times in the country and the cost of office space is extremely high. It is a perfect location to test a new service delivery model that does not rely on having a permanent office location."

    MBDA plans to award one individual cooperative agreement for this project, which will begin operation April 1, 2016. The award will cover a 5-year period with total funding of $1.9 million to serve MBE clients in the San Francisco Bay/Oakland region. A $338 thousand grant will be awarded per year to an organization chosen to provide business development services to minority-owned firms with the goal of increasing their access to public and private sector contracting opportunities, financing, and capital investments. Successful applicants will be those that have experience in assisting minority firms with obtaining large scale contracts and financial transactions; accessing corporate supply chains; facilitating joint ventures, teaming arrangements, mergers and acquisitions; conducting export transactions; and performing minority business advocacy.

  • Submitted on 30 October 2015

    FOR IMMEDIATE RELEASE
    October 30, 2015
    Contact: Velicia Woods
    Email: vwoods@mbda.gov

     

     

    Agency makes $7.7 million available to launch new
    MBDA Business Center program in CA, MA, MD, MO, and NY

    WASHINGTON (October 30, 2015) — Today, the U.S. Department of Commerce Minority Business Development Agency (MBDA) launched a search for prospective partners to operate their newly improved business center program. Under the new program, the nationwide business center network is more integrated, places more emphasis on collaboration, and was designed to ensure the quality and consistency of service delivery throughout our nationwide network of business centers.

    MBDA plans to award five individual cooperative agreements to operate MBDA Business Centers beginning in September 2016. The awards will cover a 5-year period and total $1.5 million annually for each Center. The Centers will be located in Baltimore, Maryland, Boston, Massachusetts, Manhattan, New York, Pasadena, California, and St. Louis, Missouri.

    “The success of minority-owned businesses is vital to the U.S. economy. These Centers will help our inventors, manufacturers, and entrepreneurs remain on the cutting edge at the speed required in the 21st century,” said MBDA National Director, Alejandra Y. Castillo.

  • Submitted on 07 October 2015

    FOR IMMEDIATE RELEASE
    October 7, 2015
    Contact: Velicia Woods
    Email: vwoods@mbda.gov

     


    Agency makes $10.2 million available to launch MBDA Business Center program in 27 states, the District of Columbia, and Puerto Rico

    WASHINGTON (October 7, 2015) — Today the U.S. Department of Commerce Minority Business Development Agency (MBDA) launched a search for prospective partners to operate their newly improved business center program. MBDA plans to award 29 individual cooperative agreements to operate MBDA Business Centers beginning April 1, 2016. The awards will cover a 5-year period and total $10.2 million annually. The centers will be located in areas with substantial minority populations and minority-owned firms.  

    “Our new and improved business center program was developed based on performance outcomes of our most successful centers and where we’ve had the most impact,” says MBDA National Director Alejandra Y. Castillo. “Under the new program, the nationwide business center network is more integrated, places more emphasis on collaboration, and was designed to ensure the quality and consistency of service delivery throughout our nationwide network of business centers,”  

  • Submitted on 28 September 2015

    FOR IMMEDIATE RELEASE
    September 28, 2015
    Contact: Velicia Woods
    Email: vwoods@mbda.gov

     

    Partnership Links Minority Entrepreneurs with Investors Nationwide

    WASHINGTON (September 28, 2015) The U.S. Department of Commerce Minority Business Development Agency (MBDA) has partnered with PowerMoves.NOLA to increase the number of venture-backed, high growth, and high tech companies in America founded by minority entrepreneurs.

    MBDA has awarded a grant to PowerMoves.NOLA to support their initiative to establish programs such as PowerMoves@City Ventures in cities across the United States. City Ventures introduces regional and national startup talent to partner cities, highlights existing local entrepreneurial resources and ecosystems, and aids the strategic positioning of those cities as regional hubs for minority business enterprises.  In just one year, PowerMoves.NOLA has helped 100 companies from across the country secure more than $17 million in capital commitments through the PowerMoves@City Ventures events.