This year MBDA reached a historic milestone - our 45th Anniversary. We believe anniversaries are important because they offer an opportunity for reflection, commemoration and celebration. The 2014 Fiscal Year Annual Performance Report of the Minority Business Development Agency chronicles our impact and accomplishments as we celebrate 45 years of our presidential mandate to serve our nation’s growing minority business community.
In fiscal year 2014, we redoubled our efforts to establish the relationships necessary for MBEs to engage procurement officials and secure the financial support that propels their businesses forward. As a result, we have seen a 45% increase ($2.1 billion) in contracts and capital—from $4.8 to $6.9 billion in fiscal year 2014.
The Changing Face of American Business … and the Next 45
The demographic landscape of our country has changed in historic ways, as confirmed by 2010 Census data. It reveals exponential increases in minority populations, which by 2044 will be the majority. These demographic shifts are diversifying the face of American business. As the U.S. seeks to remain globally competitive, engaging MBEs is no longer a moral or civic imperative—it is an economic necessity. Today, we have the opportunity to leverage America’s diversity as a strategic advantage worldwide.
Exports: New Markets & New Opportunities
MBDA continues to support the growth of MBEs by providing and identifying export assistance and opportunities and working with federal partners such as the International Trade Administration’s U.S. Export Assistance Councils, the Export- Import Bank, and others. In fiscal year 2014, MBDA client exports neared $710 million in contracts (a 1,635 percent increase over FY 2013) and $74 million in export financing. Client exports also supported the creation and retention of 1,087 jobs.
Increased Access to Contracts: The Core of Our Mission
For 45 years, MBDA has been working aggressively to expand the economic footprint of MBEs. One standard of measurement for our collaboration, outreach, and impact is the access MBEs have to contracting opportunities. Since 2009, MBDA has assisted clients with accessing nearly $26 billion in contracts and capital, while helping them create and retain over 87,000 jobs.
We created an Access to Capital Team to build the national relationships necessary to open doors for our clients. We also deployed the resources and gathered the information necessary to prepare our clients to explore alternative financing.
The Power of Partnership and New Markets for MBEs
MBDA is pleased to expand and strengthen its relationships with strategic partners that share a vision for fostering the growth and global competitiveness of minority owned businesses. Working with over 100 organizations as well as federal and public sector entities throughout the year, MBDA connected its network of 44 business centers to key stakeholder opportunities, generating a series of joint initiatives that grew minority business across the country through focused technical, relational, and financial collaboration.
MBDA Joins the National Journal’s Next America Dialogue
In 2014, we collaborated with the National Journal, regarded as an influential, credible, and non-partisan publication based in Washington DC, providing the latest insight on political news, public policy, and business. In 2014, National Journal reporter Ron Brownstein launched Next America — a series of articles and events to explore the political, economic, and social impacts of the profound racial and cultural demographic changes facing our nation. During their Washington event, National Director Alejandra Y. Castillo delivered a keynote address and was interviewed at the National Journal’s The Next America: Making America Work forum, which focused on how the public and private sectors could promote minority financial empowerment, workforce development, and entrepreneurship.
National Minority Enterprise Development Week
Over 650 business leaders and owners attended the 2014 National Minority Enterprise Development (MED) Week Conference in Washington, DC. The conference was established 32 years ago as a venue for minority-owned firms to gain access to resources and connections to grow and expand their businesses domestically and abroad. The 2014 National MED Week Award winners were presented to 13 organizations, businesses and individuals who have demonstrated leadership and commitment in advancing the minority business community. MBDA honored the winners during a special ceremony at the annual MED Week Conference on August 1 in Washington, D.C.