Posted at 7:15 AM
Washington (February 2, 2010) - President Barack Obama’s fiscal year (FY) 2011 budget submitted today to Congress for the U.S. Commerce Department’s Minority Business Development Agency (MBDA) includes $32.3 million for MBDA to promote the growth and global competitiveness of minority-owned businesses across the nation. President Obama’s 2011 Budget request compares to $31.5 million in MBDA’s 2010 budget.
Having steered the economy back from the brink of a depression, the administration is committed to moving the nation from recession to recovery by sparking job creation to get millions of Americans back to work and building a new foundation for the long-term prosperity for all American families. To do this, MBDA’s 2011 budget makes critical investments in key areas that will help create jobs and strengthen the conditions for economic growth by promoting exports, clean energy and green industries. Minority-owned firms play a significant role creating job opportunities for all Americans and are twice as likely to generate sales through exports compared to non-minority firms.
"Last year MBDA, through its national network of minority business centers, helped minority-owned firms access nearly $3 billion in contract and financial opportunities. Through these efforts, thousands of new jobs were created and saved," MBDA’s National Director David A. Hinson said.
"The Administration recognizes the important contribution minority-owned firms make to our economy every day," Hinson added. "Investing in MBDA programs will support the creation of new jobs and ensure the growth and prosperity of our national economy."
Under the FY 2011 budget, Commerce’s MBDA plans to expand its network of minority business centers and launch a strategic focus promoting high-growth industries such as clean energy, green technology and health care IT with minority firms. Funds will also support implementation of the Native American Business Development, Trade Promotion, and Tourism Act of 2000.
MBDA is partnering with bureaus at the Department of Commerce such as the International Trade Administration (ITA) and the Economic Development Administration (EDA) to enhance services to minority entrepreneurs and business owners. The 2011 budget for MBDA reflects the Administration’s commitment to investing in programs that work and meeting the needs of the American people.
Lahne Mattas-Curry, 202-482-4690