MBDA Awards $4.3 Million in Grants to Growth Minority Businesses
Funding will support new MBDA Business Centers in Boston, Minneapolis and Riverside, California
The U.S. Department of Commerce’s Minority Business Development Agency (MBDA) today announced approximately $4.3 million in funding over the next five years for three new MBDA Business Centers (MBC) in Boston, Mass., Minneapolis, Minn., and Riverside, Calif., to stimulate job creation and support the economic growth of minority firms across the United States. By investing in local communities across the nation, the Obama Administration continues to demonstrate its commitment to take actions designed to put more Americans to work and foster economic growth.
The new centers will join a nationwide network of MBDA Business Centers that provide assistance to local minority entrepreneurs and business owners by offering strategic business consulting services focusing on large public and private contracts, financing, and access to global markets. With help from the new MBCs, minority-owned businesses can learn how to boost their exports in support of global competitiveness and the overall growth of the national economy.
“Minority-owned businesses are an integral part of local, national and global business communities,” said MBDA National Director David Hinson. “The services they provide and the jobs they create generate trillions of dollars in economic output. By investing in our Business Centers, we are ensuring that minority-owned businesses get the direct assistance they need to be successful and vital contributors to the U.S. economy.”
The MBC program is a key component of the overall portfolio of minority business development services offered by MBDA and was recently restructured to extend cooperative agreements from three to five years and expand the MBC nationwide network.
“The Greater New England Minority Supplier Development Council (GNEMSDC) is excited to be the Project Operator for the new MBDA Business Center in Boston,” said Dr. Frederick McKinney, CEO & President of the GNEMSDC. “We believe that the center will lead to minority business enterprise growth, greater employment and more economically vibrant and diverse communities.”
“We are looking forward to a strong partnership with the MBDA,” said Yvonne Ho, operator of the MBDA Business Center in Minneapolis. “With this award, we will expand our capacity to deliver critically needed business development services. We look forward to working together in bringing economic opportunity and vitality to the minority communities we serve.”
“We are excited and honored to have been given such an important task of assisting businesses to stabilize, grow and create jobs. This is vital in the eventual recovery of our nation,” said Daniel Sieu, operator of the MBDA Business Center in Riverside. “It’s a great opportunity to partner with MBDA, utilizing our collective pool of networks and resources to assist businesses.”
Grants announced today for three MBDA Business Centers include:
|MBC Location||Federal Funding||Cooperative Agreement Partners|
|(State, City)||Per Year|
|Massachusetts – Boston||$275,000||Greater New England Minority Supplier|
|California – Riverside||$355,000||So Cal Corporate Growth Partners|
|Minnesota – Minneapolis||$225,000||Metropolitan Economic Development|
Minority business owners who are interested in receiving assistance from an MBDA Business Center can visit www.mbda.gov to find their closest center. Earlier this year, MBDA awarded $7.8 million in grants to fund 27 MBDA Business Centers across the country.