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News and Announcements


  • Submitted on 01 May 2014
  • Submitted on 25 April 2014

    DC Capitol Open HouseOn April 24, 2014 Jacqueline Woodard, President and CEO of Performance-based Solutions, Inc. (PbSi), joined Alejandra Castillo, National Director of the U.S. Department of Commerce's Minority Business Development Agency (MBDA), the Honorable William Euille, Mayor of Alexandria, Va., Joanne Benson, Maryland State Senator and many other distinguished guests, to launch the Washington, D.C. Capitol MBDA Business Center, made possible through a three-year, $900,000 grant that was awarded in September 2013.

  • Submitted on 14 April 2014

    Washington, D.C. – The Minority Business Development Agency (MBDA) and the Export-Import Bank of the United States (Ex-Im Bank) have announced an expansion of their partnership to help small minority- and women-owned export businesses obtain loans so they can have greater access to foreign markets.

    MBDA Business Centers in Miami, Los Angeles, Detroit, and Phoenix can now process loan applications for export financing as Originators for the Ex-Im Bank’s Global Credit Express program, designed to help small businesses that do not enjoy access to conventional financing markets.

  • Submitted on 11 April 2014

    Purpose

    Small businesses often struggle to find available credit. Building on previous literature, this research analyzes what factors, including business credit scores, may explain credit outcomes (approvals or denials) for small businesses. It further asks what role business credit scores might play in the credit outcomes of women- and minority-owned small businesses.

    Background

    Credit Scores. Statistically derived and numerically presented, a “credit score” reflects an individual or entity’s likelihood of repaying a debt. Generally, a higher credit score correlates with a lower probability of default. The consumer credit market has utilized credit scores for decades, but small business credit scores emerged only during the 1990s. Large lenders adopted small business credit scoring in subsequent years.

    Evidence indicates the emergence of business credit scoring may have increased credit availability to small businesses. A study of small business loan patterns indicates that banks using business credit scoring may feel able to make riskier loans at the margin and to increase their pool of available credit.

  • Submitted on 09 April 2014

    The Minority Business Development Agency (MBDA) promotes the ability of minority business enterprises (MBE) 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. Through its direct federal client services and its network of funded centers, MBDA: (1) fosters the expansion of opportunities for minority-owned businesses in the global marketplace; (2) identifies sources of financial capital for minority-owned firms; (3) develops and upgrades electronic tools to provide access to growth markets through automated matching of MBEs to public and private sector opportunities; (4) provides management and technical assistance to minority-owned businesses; and (5) advocates for the increased use of electronic commerce and new technologies by MBEs.

    In FY 2015, MBDA will continue to support the national growth and expansion of minority-owned U.S. businesses, with additional focus on minority business enterprise advanced manufacturing and export activity. This additional focus on minority-owned advanced manufacturing and export business activity reflects Department of Commerce strategic priorities for FY 2015.

  • Submitted on 04 April 2014

    Alejandra CastilloAlejandra Castillo, Acting National Director, Minority Business Development Agency, U.S. Department of Congress, joined Josh Smith to take an in depth look at how minority businesses are considered the "critical engine" of the business community for economic growth.

    She further shares that minority and small businesses must get the "business intelligence" and leverage opportunities for growth in servicing the government at local, state and federal levels, as well as various emerging industries and the global marketplace, to be successful in this arena.

     

    » Listen to the discussion

  • Submitted on 21 March 2014

    Baltimore Open House Ribbon CuttingBALTIMORE, MD. (March 21, 2014) —Today, Mayor Stephanie Rawlings-Blake joined U.S. Congressman Elijah E. Cummings, Alejandra Castillo, acting national director of U.S. Department of Commerce's Minority Business Development Agency (MBDA) and many other distinguished guests, to launch the MBDA Business Center – Baltimore, made possible through a three-year, $900,000 grant that was awarded in September 2013. Baltimore is the only municipality to be awarded this grant.

    The MBDA Business Center – Baltimore will create and retain jobs by providing consulting services and facilitating access to contracts, capital and new international market opportunities to eligible minority and women-owned businesses.

    “The MBDA Business Center will spur job creation and retention, as well as award more minority- and women-owned businesses with the support they need to grow and thrive," said Mayor Rawlings-Blake. “This center fits perfectly into my vision for growing Baltimore—through economic empowerment that can stimulate job creation. I want Baltimore to be a mecca for entrepreneurs and a place where small businesses know they can prosper.”

  • Submitted on 05 March 2014

    Minority firms provide nearly 6 million Americans with sustainable jobs and build wealth in our communities, says Congresswoman Sheila Jackson Lee
     

    Washington, DC – Congresswoman Sheila Jackson Lee released the following statement recognizing the 45th Anniversary of the Minority Business Development Agency (MBDA):

    “For 45 years, the Minority Business Development Agency (MBDA) has led Federal Government efforts to provide focused support to a critical sector of the U.S. economy- our nation’s 5.8 million minority-owned firms. These companies contribute to local economies and provide much needed jobs for Americans of all backgrounds and cultures. They operate in urban centers and rural communities. As we commemorate the 50th Anniversary of the War on Poverty, it is minority-owned firms that are on the front lines.

    “I applaud MBDA on its 45th Anniversary. Established by executive order, MBDA has worked tirelessly and diligently to promote the growth and global competitiveness of the minority business community. And the results speak for themselves. Over the last five years in particular, MBDA has assisted firms gain access to over $19 billion in contracts and capital resulting in the creation and retention of nearly 60,000 jobs. Since my election to Congress, I have worked closely with the Agency and its MBDA Business Center in Houston to bring hundreds of those jobs to Texas.

  • Submitted on 05 March 2014

     

  • Submitted on 04 March 2014

    As part of a government collaboration to prepare and place workers facing long-term unemployment into good jobs in high-demand industries, the Department of Labor announced yesterday the availability of approximately $150 million in grants as part of the “Ready to Work Partnership.”  Three weeks ago, President Obama signed a federal employer commitment and issued a Presidential Memorandum to address the issue of long-term unemployment and ensure that those who have been out of work for long periods of time are given a fair shot. The memorandum underscored the need for American workers to have the resources and training needed to acquire in-demand job skills.

Did you know...

Between 2002 and 2007, minority-owned firms outpaced the growth of non-minority firms in gross receipts, employment, and number of firms. Minority firms are an engine of job creation.
Graph for MBE Growth

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