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Blog Category: Minority Business Development Agency

The Billion Dollar Roundtable

Guest blog post by David Hinson, National Director of the Minority Business Development Agency. Cross-posted from MBDA.gov.

Each year, since 1955, Fortune Magazine ranks the 500 largest corporations in the United States.  Corporations that are part of the Fortune 500, purchase goods and services from other businesses which in turn support thousands of other companies and millions of jobs across the nation.  Becoming a supplier to a major corporation is a growth strategy that many minority-owned firms incorporate into their business plans, and Fortune 500 corporations have responded by launching supplier diversity programs.  Some are more successful than others. 

The Billion Dollar Roundtable (BDR) was created 12 years ago to identify and honor those Fortune 500 corporations that have embraced the value of working with diverse suppliers and procuring quality products and services to satisfy their corporate needs.   Every corporation that is a member of the Billion Dollar Roundtable is formally committed to procuring at least $1 billion annually in goods and services from minority and women-owned businesses.  Today, there are 18 corporate members of the BDR, with many more on their way to achieving the $1 billion threshold.

Although $1 billion is the benchmark for joining the Billion Dollar Roundtable, AT&T is one corporation exceeding that goal.

On August 21st, I attended the Billion Dollar Roundtable annual summit, where attendees shared best practices in supply chain diversity excellence. There were also discussions about new strategies and opportunities to increase the number of Fortune 500 corporations in the Billion Dollar Roundtable. The Roundtable has accomplished a lot since its founding in 2001.

Readout of U.S. Commerce Secretary Penny Pritzker’s Visit With Commerce Employees in Denver, Colorado

Secretary Penny Pritzker Meets with Commerce Employees in the Denver Office

While in Denver, Colorado, as part of her nationwide listening tour, Secretary Pritzker met with the heads of the Commerce Department’s local offices, including: International Trade Administration’s U.S. Export Assistance Center (USEAC), the Economic Development Administration (EDA), the National Institute for Standards and Technology’s Manufacturing Extension Partnership (NIST MEP), the Patent and Trademark Office (PTO), the U.S. Census Bureau, the Inspector General (IG), and the Minority Business Development Agency (MBDA). In addition to these meetings, she also spoke to employees about their work and ways in which their efforts are supporting economic growth and development in Colorado.

Today’s discussion in Denver served as an extension of an employee town hall she held yesterday in Boulder. The secretary emphasized how their work is crucial to creating a better quality of life for Americans and more opportunities for entrepreneurs and businesses. She also asked employees for their input in the department’s ongoing efforts to protect, promote, and inform what America needs to be competitive and innovative in the 21st century.

These employee engagement opportunities are part of the secretary’s overall efforts to serve as a bridge to the business community so that the public and private sectors can work together to create jobs and opportunities for all Americans.

Commerce Secretary Penny Pritzker Visits MBDA Team

Secretary Penny Pritzker Stands with the MBDA Leadership Team Outside Their Offices

Crossposted from MBDA.gov.

Newly appointed Commerce Secretary Penny Pritzker visited Minority Business Development Agency (MBDA) employees during their staff meeting Monday.

During the visit, Secretary Pritzker talked to MBDA staff about her commitment to supporting the Agency’s mission of helping minority-owned businesses grow and create American jobs.

The secretary, who was familiar with MBDA’s work prior to joining Commerce, commended the agency on their recent annual performance report, and told employees that she looks forward to working with them to further the department’s mission.

During her recent address to the Commerce workforce, Secretary Pritzker emphasized she would work every day – 24/7 – to ensure that everyone in Washington, DC, across the country and around the world knows the great work agencies and employees are doing.

MBDA National Director David Hinson, speaking on behalf of the MBDA team, said that he was thrilled the secretary took time to visit the agency’s employees so early in her tenure, adding that the visit is an example of her commitment to employees, businesses and the nation’s economy.

MBDA is the only federal agency solely dedicated to the growth and global competitiveness of U.S. minority-owned businesses. Our programs and services equip minority-owned firms to create jobs, build scale and capacity, increase revenues and expand regionally, nationally and internationally. Services are provided through a nationwide network of MBDA Business Centers, as well as through MBDA headquarters and a National Federal Procurement Center in Washington, DC.

MBDA’s Business Centers Expand Reach

MBDA logo

Celebrated since 1963, National Small Business Week recognizes the contributions of America’s entrepreneurs and small business owners. Entrepreneurship is an integral part of our country’s DNA and increasing numbers of minorities are becoming entrepreneurs. However, starting a business can be challenging in that the majority of small- to medium-sized businesses often lack access and visibility to helpful resources.

Through a national network of nearly 40 business centers and a wide range of domestic and international strategic partners, the Minority Business Development Agency provides minority-owned businesses with technical assistance and access to capital, contract opportunities and new markets to create new jobs and support the economy. Nationwide MBDA Business Centers help provide heightened visibility and access to valuable opportunities for minority-owned firms through partnerships with multi-national corporations, industry coalitions, and government agencies.

For Kevin Robinson, CEO of RFS Group, LLC, in Indianapolis, IN, hard work and determination helped get his full service janitorial company off the ground. However, taking the business to the next level required some help. Robinson contacted the MBDA Business Center in Indianapolis for direction. The Center provided Robinson with procurement assistance and business counseling. As a result, RFS secured several contracts valued at $16,700, and it was able to hire eight additional employees. Within six months of partnering with the Center, RFS saw its revenues increase by 10 percent.

Commerce Department Supports Disaster Relief Across the Country

A tornado funnel cloud

Only a few weeks ago, an EF5 tornado ripped through Oklahoma.  The 2013 Atlantic hurricane season just began, and forecasts predict that it will be a very active season. Whenever events like these may occur, the Department of Commerce is ready to help communities across the country prepare for and recover from natural disasters.

The U.S. Economic Development Administration (EDA) is one of the Commerce bureaus that assist in disaster-recovery efforts. Just last month, EDA announced grants totaling $54.1 million for disaster relief to 15 communities in 12 states and territories. For example, EDA announced a $20 million investment that will help redevelop the 20th Street corridor in Joplin, Missouri, where a devastating tornado in May 2011 claimed 161 lives, flattened large sections of the city, and destroyed more than 7,000 housing units.

Some other recently announced recovery projects include:

  • rebuilding a flood-damaged railroad bridge across the Judith River in Montana that provides the sole freight link for numerous farming communities;
  • providing communities in New England that were devastated by Tropical Strom Irene with the means to provide technical assistance to small businesses and local governments; and
  • rebuilding public infrastructure in downtown Minot, North Dakota, an area that was destroyed by flooding of the Mouse River.

These projects are part of a $200 million appropriation made by Congress to EDA to help with long-term economic recovery and infrastructure support in communities that received a major disaster designation in fiscal year 2011.

Doing Business in Africa Forum Presents Opportunities for American Businesses in Sub-Saharan Region

Francisco Sánchez, Under Secretary of Commerce for International Trade and Minority Business Development Agency National Director David Hinson Address the Doing Business in Africa Forum

Guest blog post by Francisco Sánchez, Under Secretary of Commerce for International Trade and David Hinson, National Director, Minority Business Development Agency

Earlier this week, we attended the Doing Business in Africa Forum at the White House. This was the first forum of the Doing Business in Africa campaign that the Commerce Department launched three months ago in Johannesburg, South Africa. Deputy Secretary of Commerce Rebecca Blank gave the opening remarks and focused on strengthening commercial ties between the United States and Sub-Saharan Africa. She emphasized that as the continent’s wealth increases, so does the demand for improved infrastructure, energy services, and high-quality consumer and agricultural products – all of which American companies are well positioned to provide. In fact, Sub-Saharan Africa is home to six of the ten fastest-growing countries in the world, which helps explain why over the past decade, U.S. trade to and from Africa has tripled, with U.S. exports now topping $21 billion.  Michael Strautmanis, Deputy Assistant to the President and Counselor for Strategic Engagement, welcomed the group of federal government officials, African-born U.S. business and financial leaders, and African-American entrepreneurs, corporate executives, fund managers and investment advisors. Mr. Strautmanis emphasized the need for a collective approach from federal agencies to provide expanded investment and trade financing support to help U.S businesses become more effective global competitors, particularly in the Sub-Saharan region.

Amplifying that message, both of us, along with representatives from government entities including the Overseas Private Investment Corporation, Export-Import Bank, Small Business Administration, Office of the U.S. Trade Representative, U.S. Trade and Development Agency and Millennium Challenge Corporation, described for the assembled group how all of our services are structured under the Doing Business in Africa campaign to help them seize opportunities in the Sub-Saharan Africa region. 

Presidential Proclamation—Minority Enterprise Development Week, 2012

This week the Minority Business Development Agency will be hosting the 30th Anniversary National Minority Enterprise Development Week and on Friday, November 30, 2012, President Barack Obama issued a Presidential Proclamation about Minority Enterprise Development Week, 2012.

MINORITY ENTERPRISE DEVELOPMENT WEEK, 2012

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BY THE PRESIDENT OF THE UNITED STATES OF AMERICA

A PROCLAMATION

At the core of who we are as a Nation is a fundamental belief: that no matter who you are, no matter what you look like, no matter where you come from, if you have an idea and a willingness to work hard, you can succeed. It is this belief that leads a worker to leave a job to become her own boss, propels a basement inventor to sell a new product, or drives an amateur chef to open a restaurant. It is this belief that has drawn millions to our shores and spurred America's prosperity for centuries.

The belief in tomorrow's promise is guiding minority entrepreneurs across our country to start the kinds of businesses that make up the backbone of our economy. With a combined economic output of $1 trillion, minority-owned firms are key producers in an array of industries, hubs of innovation and new technology, and engines of job creation in our communities.

Because the continued growth and success of minority enterprises is essential to our economic recovery, my Administration has taken steps to help bolster these businesses. Through the Minority Business Development Agency, we are providing access to capital, consulting, contracts, and markets to minority entrepreneurs seeking to expand their businesses at home and overseas. We are also making it easier for business owners to find Federal resources with www.BusinessUSA.gov, a centralized, one-stop platform for businesses to access services to help them grow and hire.

As the number and size of minority-owned firms continue to expand, we must harness the diversity and power of these businesses to help strengthen our economy and put people back to work. As we celebrate the 30th anniversary of Minority Enterprise Development Week, let us honor the role America's minority-owned businesses play in spurring our prosperity and recommit to equipping them with the tools for success in the 21st century.

NOW, THEREFORE, I, BARACK OBAMA, President of the United States of America, by virtue of the authority vested in me by the Constitution and the laws of the United States, do hereby proclaim December 2 through December 8, 2012, as Minority Enterprise Development Week. I call upon all Americans to celebrate this week with appropriate programs, ceremonies, and activities to recognize the many contributions of our Nation's minority enterprises.

IN WITNESS WHEREOF, I have hereunto set my hand this thirtieth day of November, in the year of our Lord two thousand twelve, and of the Independence of the United States of America the two hundred and thirty-seventh.

BARACK OBAMA

MBDA National Director Hinson Builds Relationships with Brazil In Line with Obama Administration NEI Goals

With Director Hinson (right) are Ms. Reta Jo Lewis, S/Special Representative for Global Intergovernmental Affairs, U.S. Department of State Mr. Julio Semeghini, Secretary of State, São Paulo, Planning and Regional Development


The Department of Commerce's Minority Business Development Agency (MBDA) National Director David Hinson wrapped up a five-day trip to Brasilia and São Paulo, Brazil, on August 24. 

The trip provided an opportunity for Commerce’s MBDA to help push forward on the Obama administration’s National Export Initiative (NEI) by fostering greater access to emerging markets in Brazil for minority business enterprises. Helping the administration achieve its NEI goal of doubling exports by the end of 2014 is a top priority for MBDA, because more exports mean more jobs. Through the NEI, MBDA is thinking strategically about the sectors and markets that give America’s minority businesses a comparative advantage globally. Brazil is one of those key markets.

During the trip, Director Hinson met with Brazil’s Ministry of Foreign Relations and Brazilian business owners to discuss how MBDA can help U.S. minority-owned businesses enterprises (MBEs) improve their return on investment through strategic partnerships and gain access to the unprecedented opportunities in the United States and Brazil—the two largest economies in the Western Hemisphere.

MBDA Achieves 130x Return on Taxpayer Investment in FY2011

Front Cover of the Minority Business Development Agency's FY 2011 Annual Performance Report

Guest blog post by David Hinson, National Director, Minority Business Development Agency

When Muhammad Ali, the legendary world heavyweight boxing champion, was asked by reporters why he kept boasting about being the greatest in the ring, he used to say, “It isn’t bragging if you can back it up.”

The MBDA FY2011 Annual Performance Report (APR) (7MB PDF) backs up what we’ve been saying about MBDA’s achievements under President Obama. In 2011, we registered the best performance in our 43-year history. It was our third record-breaking year in a row.

The recently released APR presents detailed information about the contracts and capital MBDA helped obtain for minority-owned businesses, along with the number of new jobs created. It also highlights our strategic and organizational accomplishments.

Let me give you just a few of those highlights.

Despite the serious head winds the economy is facing, more than 5,780 new jobs were created by minority-owned firms working with MBDA and its network of MBDA Business Centers in FY 2011.  MBDA assisted minority-owned businesses in obtaining access to nearly $4 billion in contracts and capital.

During the first three years of the Obama Administration,

  • MBDA facilitated a total of more than 16,300 new jobs, an increase of 20% over the prior three-year period.  
  • MBDA directly served more than 17,400 minority-owned businesses and indirectly served thousands more, a 36% increase over the prior three-year period.
  • And MBDA achieved a Return on taxpayer Investment (ROI) between 102x and 130x, an impressive 86% increase over the prior three-year period. 

MBDA’s FY2011 APR also presents a state-by-state detailed analysis of the performance of minority-owned businesses broken down by industry.

MBDA: Strengthening Support to Minority-Owned Firms

MBDA logo

Guest blog post by David A. Hinson, National Director, Minority Business Development Agency
 
Supporting the growth and global competitiveness of minority-owned businesses is a priority for the Department of Commerce and the Obama administration.

And we’re making good on that priority. Last year, the Department’s Minority Business Development Agency (MBDA) registered the best annual performance in its 41-year history. It assisted minority-owned businesses in gaining access to nearly $4 billion in contracts and capital, supporting the creation of nearly 6,000 much-needed jobs. Over the last three years, our network of 39 MBDA Business Centers, has been largely responsible for generating $10 billion in contracts and capital while helping to create and save nearly 20,000 jobs.

Today, the challenge for MBDA–like so many organizations across the federal government–is to figure out how we build on that record while becoming more efficient.  A number of bureaus right here within the Commerce Department are facing a similar challenge, which has led, for example, to consolidating or otherwise cutting several programs in the National Oceanic and Atmospheric Administration (NOAA), restructuring some units within International Trade Administration (ITA) and shifting the Economic Development Administration’s (EDA) emphasis to regional innovation strategies. So how do we at MBDA meet the President’s mandate to improve services to minority-owned businesses and entrepreneurs in an increasingly difficult budget environment?

The answer for our Bureau started with looking at the grassroots where MBDA interacts on a daily basis with minority business owners. Our front lines are our 39 MBDA Business Centers and related business development support services. Our plan is to strengthen connections at that level to enhance services and get more for your tax dollar.