Minority Business Development Agency

In past few years, the growth of businesses owned by minorities has been phenomenal with increase of 45% black owned businesses, 31% of Hispanic-owned business, 24% of Asian-owned business and 20% owned by women irrespective of race. These businesses have fostered economy of the nation by contributing 54.4% of employment. Therefore, it is crucial to promote medium to large business enterprises for creating broad base for employment and taxes to bolster nation’s economy.

However, the leading edge of this remarkable growth is statistical amplification of government programs for the businesses both new and existing. The government has funded various business-oriented programs in order to meet the different needs of minority owned businesses such as financing for a new or existing business, seeking legal and regulatory advice, business-planning services etc.

One such federal agency is Minority Business Development Agency, which is a part of United States Department of Commerce and is especially designed for setting up and growth of businesses owned by minority community. The agency does not provide direct grants but the main aspect of it is the provision of free consultation services to business developers of minority communities and thus guidelines are provided for the access to capital, market, technical and management support, facilitate strategic alliances, education, and training.

However, grants do exist and federal and state government programs extend grants in the areas of defense, homeland security, technology and biotech but they are especially for research or development. These business development services are made available through a network of Minority Business Development Centers, which have been established in most of the major cities across the nation and Native American Business Development Centers, which have been opened in crucial states.

The minorities, which are eligible for receiving assistance of MBDA, are Blacks, American Indians, Asian Indians, Puerto-Ricans, Eskimos, Hasidic Jews, and Spanish speaking Americans, Asian Pacific Americans and Aleuts. The other criterion to receive assistance is that they should be citizens of USA or lawfully admitted foreigners for permanent residency. They will provide you the information of the Minority Business Development Center near your location whom you can contact for further assistance.

MBDA strategic interest and vision is of creating wealth and it is only possible with increasing strength of minority businesses. With this motive, MBDA has initiated a Strategic Growth Policy and within this paradigm, it looks into the concerns of sustainable business value for companies functioning in growth industries.

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