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Minority Business Development Agency's acting head on what's next for the 55-year-old agency

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Insider QA,Business,St. Louis

The Minority Business Development Agency serves the nation’s nearly 10 million minority business enterprises. In March, a federal judge ordered it to start serving people regardless of race. The agency has since made adjustments to give help to all businesses owned by socially or economically disadvantaged people.

that the Minority Business Development Agency, an organization that has helped thousands of minority-owned businesses over the last 55 years, had to begin serving people regardless of race. The agency has since made adjustments to give help to all businesses owned by socially or economically disadvantaged people in obtaining financing and government contracts.

A: MBDA’s mission is to help create an economy that gives every American the opportunity to build a successful business. There remains a $6.3 trillion opportunity gap between minority and non-minority-owned firms. If we are to out-compete the rest of the world and have the strongest, most resilient economy, it is in our national interest to close that gap once and for all.

MBDA, the Department of Commerce, and the Biden-Harris Administration are committed to ensuring that all people in all communities have the resources, access, and opportunities necessary to succeed. We are going to keep fighting to close the opportunity gap and keep pursuing the mission Congress gave us.

Something that has been really motivating to me has been the impact of our Business Centers. Our Missouri Business Center played a major role in helping Kingsway Development secure $62 million in financing to purchase a major residential development at the center of the historically redlined district north of the Delmar Divide in St. Louis. Along with helping to uplift the historically underserved neighborhood, the project is expected to create and retain over 300 jobs.

 

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