Minority Business Development Agency
US Department of Commerce division for marginalized ethnic groups From Wikipedia, the free encyclopedia
The Minority Business Development Agency (MBDA) is an agency in the United States Department of Commerce that promotes growth and competitiveness of the United States' minority-owned businesses, including Hispanic and Latino American, Asian Pacific American, African American, and Native American businesses.[1]
Seal of the Minority Business Development Agency | |
| Agency overview | |
|---|---|
| Formed | 1969 |
| Headquarters | Washington, D.C. |
| Employees | 50-100 |
| Annual budget | US$30 million (2009) US$32 million (est. 2010) US$32 million (est. 2011) US$34 million (est. 2017) |
| Agency executive |
|
| Parent agency | U.S. Department of Commerce |
| Website | www |
MBDA's stated mission is to promote the growth and competitiveness of minority-owned businesses by providing access to capital, access to contracts and access to market opportunities - both domestic and global. The main feature of the organization and its site is to provide business consulting services to minority business owners.[2]
History
On March 5, 1969, President Richard Nixon issued Executive Order 11458, establishing the Office of Minority Business Enterprise. On October 13, 1971, President Nixon issued Executive Order 11625, which clarified MBDA's authority and expanded the scope of its operations.[3] In 1979, the agency was renamed the Minority Business Development Agency.
The agency was cut in President Trump's FY18 executive budget,[4] but subsequently restored in the President's FY19 budget - the only Federal agency to be restored after its proposed elimination.[5]
On November 15, 2021, President Joe Biden signed the Infrastructure Investment and Jobs Act, which established the Minority Business Development Agency as a permanent agency. Prior to this, the agency was operating solely under Executive Order 11458.
National Minority Enterprise Development Week
The Agency holds National Minority Enterprise Development Week in the month of October, observed in the United States to recognize and celebrate the achievements and contributions of the minority business enterprise community.
President Ronald Reagan first recognized National MED Week in 1983.[6] The week is formally celebrated each year by the Minority Business Development Agency, a U.S. government agency housed within the U.S. Department of Commerce.[7]
On October 20, 2017, President Donald Trump issued a proclamation which officially designated October 22 through October 28, 2017 as National Minority Enterprise Development Week.[8][9]
On October 24, 2017, President Trump recognized minority-owned businesses in the Oval Office during National MED Week, when he welcomed winners of the National MED Week Awards with Secretary of Commerce Wilbur Ross and MBDA Acting National Director Christopher A. Garcia.[10][11]
See also
References
Further reading
External links
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