The Minority Business Development Agency (MBDA) helps minority-owned businesses to thrive by making it easier for them to get more opportunities for business, financing, and contracts. The goal is for them to become more competitive in the marketplace, to grow and to create jobs.
How does the MBDA do this? It offers customized consulting services and training through a nationwide network of business centers and strategic partners. Together they provide the technical support, access to capital (money!) and market opportunities businesses need to succeed.
MBDA Business Centers are often run by partnerships between cities, local colleges and universities. In 2013 the MBDA awarded over $7 million for new Centers to be set up in New York, San Francisco, St. Louis, Bridgeport, Connecticut, Houston, Baltimore and Washington, D.C.
This continuing investment reflects their success. Take a look and see just how successful they are and how you can use the MBDA website to increase your business’ success:
Discover your program today!
December 2016 News Hispanic-owned businesses are on the rise! a recent survey shows that the number of U.S. businesses owned by Hispanics rose by more than 46% between 2007 and 2012. That compares to growth in the number of all U.S. firms of 2%.
As of 2012 there were 3.3 million Hispanic-owned firms, representing 12% of all U.S. businesses. That percentage was also up, from 8.3% in 2007. And the good news extends to those firms total business receipts as well. Hispanic-owned firms’ revenues rose more than 35% in the same time period, from $350.7 billion to $473.6 billion. The receipts of other firms in the U.S. grew just under 12% during that same period. the term “Hispanic-owned” refers to over 50% of a business being owned by someone of Puerto Rican, Cuban, Mexican, or other Hispanic origin like Dominican and Salvadoran. All of those sub groups participated in these increases — and almost 45% of all those businesses were owned by women!
Need some inspiration and encouragement? One of the easiest ways to get it is to read about how the mbda has helped other entrepreneurs and their company to succeed. They’re easy to find and are nice and concisely written. Just go to the mbda website and under the Business Tools tab, click “Success Stories.” They could help you to choose an industry, figure out how to solve a business problem, or just get the ball rolling starting your business.
Toot!: In March - Women’s History Month - the MBDA celebrated the many contributions of women of color in business at the Walker’s Legacy Power50 Summit. They noted that firms owned by women make up about 38% of U.S. firms. And many minority women-owned companies have been dubbed the fastest growing entrepreneurs in the country, with major increases since 2007. Walker’s Legacy was created to honor, inspire and support all women in business and was named after the first “self-made” female millionaire in the U.S.
News December 2015 The Minority Business Development Agency recently signed an agreement to work together with Operation HOPE to strengthen both their offerings. Operation HOPE is a non-profit whose mission is to “make free enterprise work for everyone.” They offer financial services to the working poor and others who are underserved by the financial community and others. They also focus on teaching finance literacy for youth, strengthening local communities and building “financial dignity for all.” Through the alliance with the MBDA minority business operations will have better access to both technical and financial resources. Stay tuned for more news and information about this important partnership and its benefits for minority business success.
News The MBDA has announced a new grant competition for fiscal year 2016. This FFO (Federal Funding Opportunity) will support the creation of 29 new MBDA Business Centers. That's great news because it means that minority-owned businesses are enjoying continued success and benefiting from the support and promotion that the MBDA provides. Those people or organizations equipped to provide the management and services offered at these Business Centers should visit the site to learn more, or search on grants.gov.
News Update November 2015 As part of the overall program above, the MBDA has announced a new grant competition for services supporting minority businesses in the San Francisco Bay Area. A new twist on this program for a bay area consulting partner is that it will operate without a permanent office space. Instead they are seeking a creative business partner to develop alternative work spaces and “creative customer engagement.” They are looking for an experienced partner in the minority business development area. The grant will provide $1.9 million over a five year period. Eligible applicants include non-profits, for-profits, government agencies, Native American Tribes and schools. The deadline to apply is January 16, 2016.
About mbda.gov When you go to mbda.gov you will find a pretty busy home page. That’s a good thing because there’s a lot going on! If you see a particular topic that grabs your attention by all means click on it and learn more. If you’re looking for an overall understanding of what the MBDA can do for you, look at the left of the screen just below mid-page. You should see the headline “Grow Your Business. Build the Nation.” Below that are three key topics you can click to to get information you can use:
- Locate a MBDA Business Center will take you to a page listing most of the states plus Puerto Rico along with the cities, addresses and contact information for MBDA centers located there. Clicking any specific location will go to a page with more information. That will typically include some background about the center and the services it provides along with a summary of their performance. Statistics are provided for the dollar amount of capital and contracts they’ve helped companies get as well as for the number of jobs their clients have created or saved.
- Media Business Center Services will take you to a summary of the types of services MBDA offers. Included are assistance with exporting and international business development, help with financing and managing your finances, getting contracts (especially with the government), finding new markets or new customers in your current market, and consulting regarding your business strategy and how to execute it.
- How MBDA Helps You provides some inspiring information about what MBDA and its minority business clients are able to accomplish. If you are part of a minority and have a business you would like to grow, this is definitely the place for you. On average business centers help get about $50,000 in new contracts for companies, and some of the centers do closer to $100,000. These could be customers you didn’t know about or couldn’t get access to before. They are determined to help create wealth in minority communities to improve housing, education, transportation and infrastructure. And you can be a part of that. Your success helps to further build the community and create more jobs in the U.S.
Other areas to check out on this website will help increase your success. Grow Your Business Blog covers timely topics you will find helpful. Six or seven blog topics are listed on the home page and you can also click “View All Blogs” to see more.
If you click the Press Room tab at the top of the page you will find details about recent Press Releases, speeches and remarks made by the MBDA Director (usually new opportunities) and access to the MBDA Newsletter. You can also sign up for the newsletter simply by providing your email address.
Ready to take full advantage of the services MBDA offers? Click the tab at the top that says Business Workspace. This is where you get down to the nuts and bolts. To participate you must be a registered “MBE” or Minority Business Enterprise (meaning that over half of your company – at least 51% - is owned by an individual or individuals who are Hispanic American, African American, Asian-Pacific or Asian-Indian American also involved in managing the day to day operations of the company.) You can do so by filling out a business profile. Then you have access to lots of free online tools like a business plan writer, opportunities that match your business offerings, webinars on current topics, success stories, upcoming events and more.
If you are an African-American business you can find some specific opportunities without having to sign up or register for anything: learn more in our article about Black Business Resources. And find out more about getting financing and other assistance for other minorities and groups like veterans and women in our review of the Small Business Administration website. Though women are not technically a minority you can find some specifically helpful resources at Grants for Women-Owned Business.
Hispanic businesses and entrepreneurship are on the rise! The MBDA recently reported that Hispanics are now the largest minority group in the U.S. And they are doing very well in the area of business. Between 1992 and 2012, the number of Hispanics starting their own business more than tripled, going from 621,000 to over 3.3 million. The White House Initiative on Education Excellence for Hispanics is also praised for recognizing the importance of education to business success. Many new programs increasing STEM education for Hispanics are available from government and other agencies. Check out the MBDA resources to learn more about identifying business and education opportunities for all minorities.