Minority businesses are twice as likely to generate sales through exports compared to non-minority firms
MBDA promotes business-to-business partnerships between U.S. minority firms and firms in Asia, Africa, the Caribbean, Latin America and Europe
In FY2011, MBDA began the formal process of institutionalizing efforts to support minority-owned businesses globally. For decades, MBDA has supported expanded trade through minority-owned and operated businesses. We continued this effort under the Obama Administration; however, the focus on minority exporters and their ability to support domestic job growth has taken on added importance with the introduction of the President’s National Export Initiative.
During the 3-year period of the Obama Administration, MBDA assisted minority-owned firms in obtaining nearly $11 billion in contracts and capital. This represents a 101 percent increase in contracts and capital over the prior 3-year period and the highest 3-year performance in the history of the Agency.
Between 2002 and 2007, the number of minority firms grew by 46 percent, compared to 18 percent for all U.S. firms, and compared to 13.7 percent growth for the minority population age 18 and older, during the same period. Minority-owned firms employed approximately 5.9 million people in 2007, up from 4.7 million in 2002.
Yet we still have work to do. It’s encouraging that minority-owned firms are growing fast, but economic parity remains elusive. In 2007, average gross receipts for minority-owned firms increased $179,000 from $167,000 in 2002, still well below gross receipts for non-minority-owned firms, which had average gross receipts of $490,000.