News Column

Big Year in Job Creation at Minority Business Agency

July 29, 2013
jobs

The U.S. Department of Commerce's Minority Business Development Agency (MBDA) set new records in fiscal year 2012, as detailed in its FY 2012 Annual Performance Report, released this week. MBDA Business Centers helped minority-owned businesses obtain over $3.6 billion in contracts and capital and create or retain 16,730 jobs, the highest level in the agency's 44-year history.

MBDA's performance in FY12 builds on success achieved during the first term of the Obama administration. From FY09 to FY12, MBaDA helped its clients obtain $14.6 billion in contracts and capital. These efforts also helped businesses create or saVe 33,048 jobs. This marks the best four-year performance in the agency's history.

"Today's report illustrates the crucial role MBDA plays in helping U.S. minority-owned businesses grow and expand globally, particularly because of the quantifiable return on investment and impact these businesses have on our economy," said David A. Hinson, MBDA National Director.

"In his 2013 State of the Union speech, President Obama outlined his vision for making America a magnet for investment, innovation, and economic growth. While we have made significant progress, much work remains to ensure that opportunities to prosper are open to all entrepreneurs who are pursuing the American dream, especially our minority business owners."

In FY12, MBDA completed an agency-wide restructuring, making it leaner and more efficient. This enabled the agency to further expand their national footprint by launching new MBDA Business Centers in Anchorage, Alaska; Fresno, Calif.; Santa Fe, N.M.; Memphis, Tenn.; Bismarck, N.D. and Tulsa, Okla. With nearly 40 business centers nationwide, MBDA has also transitioned to a new operating model that is MBDA Business Center-focused and global in scope.

More details about MBDA's performance, including the size and industry of firms assisted, sources of contracts and capital, and state-level data, can be found in the full report on the agency's website at http://www.mbda.gov/budget-performance.




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Source: Copyright Michigan Chronicle (MI) 2013


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