It is usually difficult for minority business to gain access to capital, especially during troubled economic times. But the U.S. Department of Commerce’s Minority Business Development Agency (MBDA) works with small business to find avenues of finance and attract business. Now, the organization has reached a milestone. The MBDA announced that for fiscal year 2013 it had record-breaking performance in helping minority business create jobs, gain access to capital, and receive contract support.
And the numbers are pretty impressive. The organization helped minority-owned firms receive more than $4.8 billion in capital and contract awards. The result of this was the creation and/or retention of 25,704 jobs, making it the highest performance level in the MBDA’s 45-year history.
“These FY13 figures illustrate the crucial role MBDA continues to play in helping minority owned businesses create jobs and strengthen local communities nationwide. 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,” said David A. Hinson, MBDA’s National Director.
MBDA is the only federal agency that focus on the growth and global competitiveness of minority-owned businesses in the U.S. They have many services you might find handy as a small business owner, including various business centers across the country where small business owners can go to advice and information. The agency will help small business get funding for expansion or startup.
On January 22 the group is hosting an event “Facing Fears: Harnessing the Power Within.” Patty Chang, author of Come Nerve: Lessons Learned While Becoming Brave in NYC will discuss how to overcome insecurities and fears people, especially women, face when starting a new business. Chang will use her experiences as an Asian female entrepreneur to illustrate how to deal with cultural stereotypes and expectation, and gender discrimination among other issues. Although this is an Asian Women in Business event, there’s probably something for everyone to learn. Details here.