Posted at 3:49 AM
In the 2011 State of the Union address, President Obama asked every American to take steps to ‘Win the Future’ by out-innovating, out-educating and out-building our global competitors. It is in the spirit of winning our future through the minority business community that I present to you the 2010 Annual Performance Report of the Minority Business Development Agency.
The Minority Business Development Agency (MBDA) of the United States Department of Commerce is the only federal agency tasked to create new jobs by expanding the U.S. economy though the nation’s 5.8 million minority-owned and operated businesses. The minority business community accounts for over $1 trillion in economic output to the nation and provides nearly six million jobs for U.S. citizens.
MBDA experienced record performance in 2010. The Agency created 6,397 new jobs by assisting minority-owned companies in obtaining nearly $4 billion in contracts and capital, an historic high. During the first two years of the Obama Administration, MBDA created nearly 11,000 new jobs and saved tens of thousands of existing jobs while helping minority-owned firms obtain nearly $7 billion in contracts and capital.
The success of MBDA is directly attributable to the dedication of our management team, staff and business centers across the nation. During a year where minority-owned firms continued to face the duel challenges of restricted credit access and a slow domestic economy, we have been singularly focused on assisting minority-owned businesses grow. These businesses are particularly valuable to the economy because they create jobs in communities with high levels of unemployment. In addition, they make significant contributions to the national innovation base and represent a powerful long-term contributor to exports, as minority-owned businesses are twice as likely to export as non-minority owned businesses.
Our team worked diligently in 2010 to increase our value to our clients and stakeholders, and we were honored to have both our Agency and our employees recognized for their contributions. MBDA was honored by DiversityBusiness.com for being one of America’s Top 50 organizations for multicultural business opportunities. Secretary of Commerce Gary Locke recognized seven MBDA employees for their outstanding contributions to the U.S. Department of Commerce, and Hispanic Business Magazine recognized our National Deputy Director, Alejandra Y. Castillo, as one of the 100 most influential Hispanics in America.
We appreciate the opportunity to present to you a detailed analysis of MBDA’s operating performance for 2010. The minority business community is and will continue to be a critical component of the U.S. economy.
David A. Hinson