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  • Submitted on 19 February 2010

    Story Published: Feb 19, 2010 LAS VEGAS

    The new American economy and the unique opportunities it holds for the American Indian business world is the focus of RES 2010. The annual business conference, hosted by the National Center for American Indian Enterprise Development, takes place at the Las Vegas Hilton Feb. 21 – 24.

    Hundreds of Indian entrepreneurs are scheduled to attend. “We’ve made it through a challenging economic year to see development and growth in a wide variety of areas,” said Margo Gray-Proctor, the Osage chairwoman of NCAIED and president of Horizon Engineering Services Co. “We’ve learned that we could go down the sink in a swirl, or we could do something that no one else has done as we turn around. And we’re doing it.” Even given the economic downturn, Gray-Proctor said this is the largest RES to date – a feat she and her executive committee accomplished by trimming budgets, working long hours, and networking to the max. Approximately 480 tribes are expected to be represented.

  • Submitted on 29 September 2009

    (Special to New America Media from China Press) — The growth of minority-owned small businesses will be one of the main forces driving the U.S. economy forward, reports the China Press.

    At the 2009 Minority Business Summit, U.S. Secretary of Commerce Gary Locke explained that the Minority Business Development Agency aims to grow the number of small businesses in ethnic communities to reflect the country’s changing demographics. This could lead to the creation of 16 million jobs, $2.5 trillion in annual revenue and $100 billion in tax income, reports the China Press. Representing 99.7 percent of all business, small business is the backbone of the U.S. economy, the newspaper reports.

  • Submitted on 29 September 2009

    WASHINGTON (TheStreet) -- The Commerce Department is working to find new ways to help small businesses and entrepreneurs find new markets for their products by revamping its counseling programs, financing tools and other assistance.

    U.S. Department of Commerce Secretary Gary Locke says the agency plans to create "one-stop shop" business advocacy centers across the nation to help small firms get the best government help that they can. The centers will operate as central contact points for every Commerce program available to business owners.

    Small businesses are so overwhelmed with issues like trying to meet payroll that they can't be expected to have a consultant on board to navigate all the government's services and programs. He made the comments after a Thursday speech at the Minority Enterprise Development Conference in Washington.

  • Submitted on 25 August 2009

    Minority Business Development chief: Get big or get bought
    The fastest way to improve the prospects of minority-owned businesses is to persuade more owners to get on the M&A bandwagon, the head of the government's development efforts says.

    (CNNMoney.com) -- David Hinson is the new administrator of the Minority Business Development Agency, a branch of the U.S. Department of Commerce that helps minority entrepreneurs start and grow their companies. Hinson, who started in July, was previously president and CEO of Wealth Management Network, an investment advisory firm in New York City.

    The agency's top goal is to achieve entrepreneurial "economic parity," matching the percentage of businesses owned by minorities with their representation in the U.S. population. If that target is reached, MBDA believes minority companies would generate $2.5 trillion in annual revenues, create 16 million jobs and contribute $100 billion in annual taxes. Today, the nation's 4 million minority-owned firms have revenue of around $660 billion and employ 4.7 million workers.

  • Submitted on 13 May 2009

    SUBJECT: FINANCING MINORITY BUSINESSES IN CHALLENGING ECONOMIC TIMES
    Federal News Service May 12, 2009 Tuesday

    MS. GAMBRELL: Thank you for that kind introduction and it's an honor to be here today. I serve as the Director of the Community Development Financial Institutions (CDFI) Fund, an agency of the U.S. Department of the Treasury, promoting economic development and opportunities for organizations, including minority businesses, across the country. The CDFI Fund's mission is very similar to the objectives of this Capital Access Forum - to expand the capacity of financial institutions to provide credit, capital, and financial services to underserved populations and economically distressed communities within the United States. As such, I welcome the opportunity to speak before you here today, and to discuss our shared vision, by showing you the ways in which we are committed to seeing minority-owned enterprises succeed.

    Before I begin however, I would like share a brief story. A few weeks ago, I had the opportunity to visit Detroit and Lansing, Michigan, for a two-day trip to view firsthand how the CDFI Fund's New Markets Tax Credit (NMTC) Program is providing needed jobs and support to local businesses. It would be very difficult for me now to describe the economic conditions that I saw firsthand during my visit, but what stood out the most was the entrepreneurial spirit of the small business that was remarkably resilient.

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MBDA Minority Business Centers helped clients obtain capital totaling $4.76 billion during the last 5 fiscal years.
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