The year 2013 was a significant one for the U.S. Department of Commerce's Minority Business Development Agency (MBDA). It marked a record year for the agency in helping minority-owned businesses make significant strides.
In 2013, minority-owned businesses were able to obtain more than $4.8 billion in capital and contract awards due to the efforts of MBDA. This represented the highest results experienced by the agency ever during their 45 years in existence. The results also produced 25,704 jobs.
Minority Business Centers Across The Country
The government agency focuses entirely on programs that help U.S. minority-owned businesses continue to grow and remain competitive. Through business centers located across the country, the agency is able to provide programs and services to help minority-owned businesses everywhere.
The results are not only helping more minority-owned businesses to grow and create jobs, but strengthening communities across the U.S. As the Director of MBDA David A. Hinson explains, "This outstanding performance is a hallmark of the Obama administration's efforts to help strengthen small and medium-sized businesses, which are fueling our economic recovery."
Nearly $20 Billion in Contracts and Capital in 4 Years
The MBDA has helped minority-owned businesses gain a total of $19.4 billion in contracts and capital, and added 58,752 jobs from 2009 to 2013. The agency was first established by President Richard M. Nixon in 1969 as the Office of Minority Business Enterprise. The U.S. Census Bureau reported in 2010 that the number of minority-owned businesses in the U.S. increased by 46 percent between 2002 and 2007 to a total of 5.8 million businesses.
For more details about the MBDA, visit www.MBDA.gov