WASHINGTON (October 2, 2014) —Thanks to savings derived from a multi-year strategy to reduce administrative and operational overhead costs, the U.S. Department of Commerce’s Minority Business Development Agency (MBDA) today announced a supplemental investment of $1.425 million to nine existing MBDA Business Centers. The funds will support the Business Centers in their efforts to better serve minority business communities nationwide.
“At MBDA our goal is to expand the Agency’s reach, expertise, and resources to serve as many minority business enterprises through our national network of MBDA Business Centers,” said Alejandra Y. Castillo, MBDA National Director. “These supplemental funds will ensure that we provide greater assistance to minority-owned businesses to support job creation and the continued growth of the U.S. economy.”
The funding announced today will go to the following MBDA Business Centers:
- Chicago*, Phoenix, Puerto Rico, San Antonio: To further promote U.S. exports and business linkages in emerging economies.
- Atlanta, Cleveland, Detroit*, Indianapolis: To implement focused services in support of advanced manufacturing initiatives.
- San Francisco: To establish a Technology Transfer and Innovation specialty center.
* The Chicago and Detroit MBDA Business Centers also received a supplement grant to promote access to capital initiatives for traditional and alternative financing.
MBDA Business Centers provide strategic business consulting services to minority-owned firms to stimulate local economies and contributes to job creation for Americans through business growth. This is accomplished by providing greater access to capital, contracts and international markets.
The Technology Transfer and Innovation specialty center is designed to engage minority-owned firms in tech transfer and “lab-to-market” initiatives. The San Francisco MBDA Business Center’s proximity to Silicon Valley, a leading hub for high-tech innovation and development,provides a prime opportunity to help minority-owned businesses enter into emerging markets.
About the Minority Business Development Agency (MBDA)
MBDA, www.mbda.gov, is the only Federal agency dedicated to the growth and global competitiveness of U.S. minority-owned businesses. Our programs and services better equip minority-owned firms to create jobs, build scale and capacity, increase revenues and expand regionally, nationally and internationally. Services are provided through a network of MBDA Business Centers. After 45 years of service, MBDA continues to be a dedicated strategic partner to all U.S. minority-owned businesses, committed to providing programs and services that build size, scale and capacity through access to capital, contracts and markets. Follow us on Twitter @usmbda