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Press Releases

  • Submitted on 20 August 2009

    Washington, D.C. (August 20, 2009) - The Minority Business Development Agency (MBDA), U.S. Department of Commerce, proudly announces the winner of the Ronald H. Brown Leadership Award for Minority Enterprise Development (MED) Week 2009. The recipient, Theresa Alvillar-Speake, will be honored at the Annual Awards Gala held August 28, 2009 from 7:00pm-10:00pm at the Omni Shoreham Hotel in Washington, D.C.

    The Ronald H. Brown Leadership Award recognizes individuals who are willing to take risks to achieve change and who have demonstrated exceptional leadership by significantly enhancing the development of diversity in the domestic and worldwide economies.

  • Submitted on 14 May 2009

    Washington, DC (April 30, 2009) – The Minority Business Development Agency (MBDA) is proud to announce that Heyward Davenport, its Northeast Regional Director, was inducted into the Minority Business Hall of Fame and Museum, Inc (MBHF&M).  The Minority Business Hall of Fame and Museum Inc. recognized four pioneers of minority business development on April 30th, at an awards dinner at the Frito-Lay Headquarters in Plano, Texas.

    “We are proud that Mr. Davenport has been recognized with this important honor. The award symbolizes his lifetime commitment to the growth and competitiveness of minority businesses.  MBDA congratulates him for his hard work and dedication and is proud that he represents MBDA,” said Edith McCloud, MBDA Associate Director.

  • Submitted on 29 April 2009

    WASHINGTON (April 29, 2009) -- The Minority Business Development Agency (MBDA), an agency of the U.S. Department of Commerce, will hold its 27th annual National Minority Enterprise Development (MED) Week Conference, August 26-28 at the Omni Shoreham Hotel in Washington, D.C. The Conference will focus on fostering innovation, competitiveness and opportunities for minority businesses to retool and rebuild America’s infrastructure under the the American Recovery and Reinvestment Act. 

    "In order to jumpstart our economy we need to continue to promote the growth and competitiveness of minority businesses," said MBDA’s Associate Director Edith McCloud. "Minority firms account for $661 billion in total annual receipts, employing close to 5 million in our country. The United States cannot afford to let these firms stagnate, or worse, fail. Minority entrepreneurs represent the future growth of our economy.” 

  • Submitted on 17 March 2009

    Los Angeles - The Minority Business Development Agency (MBDA), an agency of the U.S. Department of Commerce, and the U.S. Small Business Administration (SBA) have joined forces with the Asian Pacific Revolving Loan Fund of Los Angeles (APRLFLA) to sponsor the conference “Survival 101 - Accessing Stimulus Capital in Tough Times” for existing small business owners in the Los Angeles area.

    The purpose of the conference is to inform small business owners about how to secure the financing they need during a time when financial institutions are tightening their belts. Kicking off the conference will be Nancy Sidhu, Chief Economist for Los Angeles Economic Development Corporation (LAEDC) who presents observations about the state of the Southern California economy and what the near future looks like, followed by presentations from SBA, Bank of America and Wells Fargo, and Cisco Bros. about what the banks are looking for in a loan request. Finally, representatives of the Asian Pacific Revolving Loan Fund will explain how to access their organization to find the best financing available.

  • Submitted on 05 March 2009

    Minority businesses to play an integral role in the future of the U.S. economy

    Washington, DC (March 5, 2009)- The Minority Business Development Agency (MBDA), an agency of the U.S. Department of Commerce, is celebrating four decades of promoting the establishment and growth of minority businesses. Throughout the year, the MBDA will be highlighting businesses that benefited from its programs and the people and communities it has impacted.

    Established in 1969 by former President Richard Nixon, MBDA is the only federal agency tasked with advancing the competitiveness of minority businesses, and with the recently passed American Recovery and Reinvestment Plan, the MBDA will be working to connect minority firms with newly available resources that will help put Americans back to work.

  • Submitted on 23 December 2008

    MBDA and BIS Team Up to Assist Minority Entrepreneurs With Export Rules of the Road

    Washington, D.C. – The Minority Business Development Agency (MBDA) and the Bureau of Industry and Security (BIS), both bureaus of the U.S. Department of Commerce, have teamed up to provide information to the more than 4.1 million minority business owners in the United States. Through both MBDA’s and BIS’s network of centers and online, the agencies plan to provide information about export control policies, regulations and procedures in order to help minority businesses grow globally.

    A recent MBDA report, Characteristics of Minority Businesses and Entrepreneurs: An Analysis of the 2002 Survey of Business Owners, shows America’s competitiveness and economic growth in the global market will increasingly depend on the growth and expansion of minority-owned businesses. According to the report, minority-owned firms were twice as likely to export (2.5 percent of firms) compared to non-minority owned firms (1.2 percent of firms).

  • Submitted on 08 December 2008

    Cedar Rapids, IA – The Minority Business Development Agency (MBDA), a bureau of the U.S. Department of Commerce, has retained Robert V. Morris, a Des Moines-based business development specialist, to assist in the recovery and revitalization of Iowa minority-owned businesses ravaged by the floods in the summer of 2008.  MBDA has been engaged in providing similar services to minority business enterprises in the Gulf Coast since Hurricanes Katrina and Rita in 2006.
    Morris has provided similar services for the U.S. Small Business Administration throughout Iowa.  He has also worked as a federal contractor with consulting, film production and construction companies since 1985. Morris will assist Eastern Iowa minority-owned businesses recovering from flood devastation to restore and grow their businesses.

  • Submitted on 30 October 2008

    MBDA Congratulates Dallas Regional Director, John Iglehart as Recipient of 2008 Gold Medal Award for Leadership 

    WASHINGTON (October 27, 2008)— Secretary of Commerce, Carlos M. Gutierrez recently announced that John F. Iglehart, Regional Director, Dallas National Enterprise Center, Minority Business Development Agency (MBDA) will receive the 2008 Gold Medal Award for Leadership.

    This award, the highest form of honorary recognition the Department of Commerce bestows, is granted to Mr. Iglehart for his exemplary work with the Gulf Coast recovery and rebuilding efforts while he managed MBDA’s Dallas and Atlanta National Enterprise Centers.

  • Submitted on 29 October 2008

    MBDA Congratulates 2008 Presidential Rank Award Winner Edith J. McCloud
    Recognized for Outstanding Leadership, Professionalism and Commitment to MBDA 

    WASHINGTON (October 24, 2008)—President George W. Bush and Secretary of Commerce, Carlos M. Gutierrez recently announced that Edith J. McCloud, Associate Director for Management at the Minority Business Development Agency (MBDA) received the Presidential Rank Award for 2008.

    Each year, the President recognizes and celebrates a small group of career Senior Executives and senior career employees with the Presidential Rank Award. Recipients of this prestigious award are strong leaders, professionals, and scientists who achieve results and consistently demonstrate strength, integrity, industry and a relentless commitment to excellence in public service.

  • Submitted on 21 October 2008

    Fastest Growing Business Sector of the U.S. Economy Must Remain a National Priority 

    WASHINGTON—Today’s current economic crisis presents a heightened challenge to the more than 4.1 million minority-owned businesses, the fastest growing business sector of the U.S. economy. According to Minority Business Development Agency (MBDA)  reports, many minority entrepreneurs rely on short-term debt to finance their business – for example, revolving credit lines or business and personal credit cards. In the current economic environment, not only is it more difficult to receive loans and services from financial institutions, but the price of borrowing is too high.

    The Federal Reserve recently reported that 65 percent of domestic banks have tightened lending standards since July 2008. More than 70 percent said they were charging more interest for loans. This impacts cash flow and stunts the expansion of minority businesses, resulting in decreased growth and capacity and therefore, fewer jobs generated.