In the 2011 State of the Union address, President Obama asked every American to take steps to ‘Win the Future’ by out-innovating, out-educating and out-building our global competitors.
The Minority Business Development Agency (MBDA) of the United States Department of Commerce is the only federal agency tasked to create new jobs by expanding the U.S. economy though the nation’s 5.8 million minority-owned and operated businesses. The minority business community accounts for over $1 trillion in economic output to the nation and provides nearly six million jobs for U.S. citizens.
MBDA experienced record performance in 2010. The Agency created 6,397 new jobs by assisting minority-owned companies in obtaining nearly $4 billion in contracts and capital, an historic high. During the first two years of the Obama Administration, MBDA created nearly 11,000 new jobs and saved tens of thousands of existing jobs while helping minority-owned firms obtain nearly $7 billion in contracts and capital. In FY 2010, MBDA’s Return on Investment (ROI) was 125x, up from 102x in 2009 and from 70x at the end of the prior administration. This speaks to the increased operating efficiency of the agency during this Administration.