Mayors across the country are working hard to strengthen local economic ecosystems, given the economic challenges cities face today.
As a former Mayor myself, I understand those challenges – How do we create more jobs? How do we attract new businesses? How do we enhance our workforce? And equally as important, how do we leverage the state and federal resources that may be available to help us achieve our economic goals and objectives?
The Obama administration understands these challenges and knows that cities play a vital role in strengthening our nation’s economy.
We know that development happens from the bottom up - that the best ideas come from America’s communities. Whether investment comes from the federal government, states, the private sector, or ideally all of the above, resources do more good when they serve a well-developed, robust plan.
The CDFI Fund supports financial institutions that provide loans, investments, and technical assistance to underserved communities. Since its creation has awarded $1.11 billion to community development organizations and financial institutions. It has awarded allocations of New Markets Tax Credits, which will attract private-sector investments totaling $26 billion, including $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone.
The Minority Enterprise Development (MED) Week Conference is the nation’s premier event for minority entrepreneurs and business owners. The MED Week Conference helps minority-owned firms grow both domestically and globally through a series of educational, training and business to business networking events. Each year, nearly 1,500 minority business owners, government officials and corporate representatives attend MED Week events.
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.
Looking forward, we must continue to remove barriers so these businesses can create new employment opportunities, increase their capacity, and advance our long-term prosperity. To achieve this goal, my Administration is committed to taking concrete steps to increase Government procurement opportunities for small and minority businesses. By unleashing the energy and ingenuity of American entrepreneurs in the domestic and international marketplaces, we can generate millions of jobs here at home, open and expand new markets, reduce barriers to trade, and ensure strong and balanced economic growth.
The Minority Business Development Agency (MBDA) actively promotes the ability of Minority Business Enterprises (MBEs) to grow and to participate in the global economy through a range of activities that include funding a network of centers that provide MBEs a variety of business assistance services.