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Blog Category: National Minority Enterprise Development

New Job Creation and Economic Impact Dominate Big Numbers for Minority Business Development Agency

Warehouse with workers (Photo: USDA)

2011 proved to be another highly productive year for Commerce's Minority Business Development Agency (MBDA)—the only federal agency tasked to promote the growth and global competitiveness of the minority business community. MBDA is a leader in strengthening the economy and improving the lives of all Americans. We support job growth and economic expansion through a network of MBDA business centers, collaboration with federal, state and local government agencies, and strategic partnerships. The U.S. economy continues to benefit from a strong minority business sector as illustrated by our big numbers below.

  • $1.0 trillion—The combined economic output of the nation’s 5.8 million minority-owned and operated businesses that provide goods and services across all industry sectors, including renewable energy, environmental remediation, manufacturing, information technology and telecommunications.  
  • $10 billion—The total dollar value of public and private sector contracts and capital that MBDA and its network of business centers obtained for minority-owned firms since the beginning of the Obama administration.
  • 15,000 plus—The number of new jobs created by minority business enterprises as a result of working with MBDA and its network of business centers during the first three years of the Obama administration. 
  • 125X—The return on investment the U.S. taxpayer receives from MBDA due to its increased operating efficiencies and focus on job creation.  

We anticipate 2012 will be another great year for the Minority Business Development Agency as we launch new business services, push global exporting opportunities and release recommendations from the National Advisory Council on Minority Business Enterprise. To learn more about what we have planned and how we can help you create jobs and improve your business, subscribe to the MBDA newsletter, visit an MBDA Business Center, and come to our 30th National Minority Enterprise Development (MED) Week Conference.

Secretary Locke Addresses Exports, Economic Growth and Job Creation with Minority Businesses

Secretary Locke talks at MED Week

On the final day of the National Minority Enterprise Development (MED) Week Conference hosted by the Commerce Department’s Minority Business Development Agency (MBDA), U.S. Commerce Secretary Gary Locke addressed minority business owners, government officials and corporate representatives and officially opened a Business-to-Business Expo Hall.

Locke discussed President Obama’s National Export Initiative (NEI) and how minority businesses can become more competitive and increase job creation and economic growth by participating in the global marketplace. Minority businesses already export twice as much as the average business, as they often have existing cultural, family or business ties to foreign countries. The NEI seeks to build on that, with a goal of increasing the number of small-, medium- and minority-owned businesses exporting to more than one market by 50 percent over the next five years.

Following his remarks, Locke officially opened and toured the Business-to-Business Expo Hall, which includes exhibit booths and one-on-one matching services with more than $20 billion in opportunities for minority businesses. The expo also offers 20-minute power-learning sessions conducted by public- and private-sector partners.

The MED Week Conference wraps up Friday night with the Awards Gala. U.S. Commerce Deputy Secretary Dennis Hightower will highlight the impact of minority-owned firms on the global economy and thank the MED Week award winners for their hard work.   Remarks