Last week, U.S. Commerce Secretary Gina Raimondo and Deputy Secretary Don Graves participated in the 41st Annual National Minority Enterprise Development (MED) Week, where they honored the achievements of U.S. minority -owned business enterprises. Together they reaffirmed the Biden-Harris Administration’s commitment to advancing economic equity and equality and ensuring that minority-owned businesses have the access to capital, technical assistance, and more to help them scale.

Held this year in conjunction with the 2024 National Minority Supplier Development Council’s (NMSDC) Annual Conference in Atlanta, the Minority Business Development Agency’s (MBDA) MED Week is a celebration of the talent and ingenuity of the innovators and entrepreneurs who run our Nation’s minority-owned businesses. 

Minority-owned businesses add incredible value to our economy, generating nearly $2 trillion in revenue annually and generating tremendous consumer loyalty within their communities. Over the last three years, a record number of Americans have started new businesses, with Black and Latino business ownership growing at their fastest rates in 30 years. To date, 16 million jobs have been created under the Biden-Harris Administration.

During a fireside chat with NMSDC CEO and President Ying McGuire, Secretary Raimondo stressed the critical role minority businesses play in driving economic growth and the need to ensure this growth remains inclusive.

“I firmly believe that our diversity is our greatest strength,” she said. “We will fail to meet our full potential as a Nation unless we harness the talents and strengths of all parts of the country, including people of color, women, and others who are too often left behind.”

At an earlier session, Deputy Secretary Don Graves participated in a panel dialogue with cabinet-level and Federal executives on federal investments that support and empower minority business enterprises across the Nation. During the panel, he discussed his role as the Chair of the Interagency Community Investment Committee (ICIC). The ICIC has played a vital role in ensuring that communities know about the federal investments that are available to them and have direct access to the resources, tools, and technical assistance they need to participate and thrive in the economy. Vice President Harris launched the ICIC three years ago, to ensure that billions of dollars of investment flow to and through America’s communities.

“The Biden-Harris Administration remains committed to ensuring that minority-owned businesses have access to the resources they need to thrive and grow,” said Deputy Secretary Graves. “If we’re going to out-compete and out-innovate, we need to use the full force of the economy. Everyone will need to participate.”

Through funding provided by the Inflation Reduction Act and the CHIPS and Science Act, the Department of Commerce is working to ensure that minority-owned businesses benefit from the billions of dollars that are being invested in the Nation’s infrastructure, manufacturing, and clean energy industries. Key programs include CHIPS for America, Tech Hubs, and the Good Jobs Challenge. These programs are creating thousands of new and good-paying jobs for American workers and providing long-awaited resources and training to communities across America.

Last year, MBDA launched the Capital Readiness Program, the largest-ever investment supporting underserved entrepreneurs. MBDA is investing $125 million to launch 43 business incubators and accelerators designed to help minority and underserved entrepreneurs launch and grow their businesses.

As part of MED Week, the MED Week awards were presented to businesses, organizations, and individuals for exceptional contributions to minority business growth. The awards are the highest national recognition a minority-owned firm can receive from the U.S. Department of Commerce.

For more information, see President Biden’s Proclamation for Minority Enterprise Development Week, 2024.