Posted at 12:48 PM
The U.S. Department of Commerce Minority Business Development Agency (MBDA) and the Eco-Rapid Transit signed a Memorandum of Understanding (MOU) designed to support the development of an environmentally friendly and energy efficient high speed, light-rail transit corridor in Southern California.
Eco-Rapid Transit Officials anticipate the project will create 59,000 jobs during construction and an additional $6.68 billion in economic growth to the area over 15-20 years.
“This agreement is just the beginning for MBDA and our partners. We’re eager to work closely with Eco-Rapid Transit to move this project forward to support the President’s directive to rebuild America’s infrastructure. President Trump understands that a strong infrastructure means good jobs, growth, opportunity, and prosperity.” said MBDA Acting National Director Chris Garcia. “There are substantial economic opportunities particularly in the construction and contracting sectors that will not only benefit minority firms, but also allow us to maximize federal, local and state resources to help boost the Nation’s economy and effectively meet the needs of the American people.”
Through the MOU agreement, MBDA and Eco-Rapid Transit will work together to identify contracting and construction opportunities for minority business enterprises (MBEs), share information and training resources, and provide MBEs with professional business development assistance through MBDA’s national network of business centers.
Once completed, the light rail line called the West Santa Ana Branch, is scheduled to run from Downtown Los Angeles to Artesia. The capital costs for the system is estimated between $4.3-$4.6 billion with substantial related economic development opportunities along the entire corridor. Future plans can include more rail transit opportunities and related investments north from Downtown Los Angeles to Glendale and the Hollywood Burbank Airport.
“This MOU opens the door for minority investors and businesses at a national and local level,” said Eco-Rapid Transit Chair and South Gate Mayor Maria Davila. “We are very grateful and happy to work with MBDA. This is a tremendous opportunity for our communities in the industrial and manufacturing heart of Los Angeles County. Eco-Rapid Transit looks forward to our partnership with MBDA.”
Rebuilding America’s infrastructure is a critical component of President Trump’s agenda to promote job creation and grow the U.S. economy. The President released details on his infrastructure plan in June of this year.
The plan calls for lowering the average permitting time for infrastructure projects from 10 years to two years, unleashing private sector capital and expertise to rebuild U.S. cities and states, investing in infrastructure and bold new transformative projects, and implementing a work-force training initiative focused on skill-based apprenticeship education.
For more details on the President’s plan visit https://www.whitehouse.gov/blog/2017/06/08/president-trumps-plan-rebuild...
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. Established in 1969, MBDA continues to be a dedicated strategic partner to all U.S. minority-owned businesses, committed to providing programs and services that provide greater access to capital, contracts and markets. Follow us on Twitter @usmbda.