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With just four weeks left until the 2024 National MED Week conference, time is running out to make your plans to attend. Guarantee your spot by registering today!
Did you know MBDA is a data clearing house? Check out the latest minority business fact sheets on our website.
 Register now for the 41st annual San Antonio Minority Enterprise Development Week, held October 7-11, 2024.
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 Celebrating One Year of the Capital Readiness Program
It has been one year since MBDA launched the Capital Readiness Program (CRP). We want to take this opportunity to celebrate the first cohort of new program graduates. These dedicated MBEs are now better equipped to drive their business growth and enhance the profitability of their organizations.
Funded by the U.S. Treasury Department's $10 billion State Small Business Credit Initiative (SSBCI), the Capital Readiness Program aims to promote the growth and success of America’s small businesses. According to United States Deputy Secretary of Treasury, Wally Adeyemo, "The investments through the State Small Business Credit Initiative are a key part of the Biden-Harris Administration's efforts to fuel the small business boom by providing small businesses and entrepreneurs the resources they need to succeed.”
Since its inception, CRP’s geographically dispersed network of 43 MBDA technical assistance providers has helped minority and other underserved entrepreneurs build the skills to launch or scale existing businesses, access SSBCI capital and participate in other governmental programs that support small businesses, and secure other forms of capital.
Service models include early-stage technical assistance incubators to help enterprises launch their businesses, products, or services, and emerging business technical assistance accelerators that provide guidance on growth and expansion.
Additionally, CRP has facilitated connections between entrepreneurs, mentors, coaches, and peers, helping them overcome challenges and achieve growth by expanding their network. To learn more about the Capital Readiness Program and its achievements, click the "Learn More" button below.
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Watch How Our CRP Awardees Are Impacting MBEs
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The 53rd Annual Legislative Conference (ALC), sponsored by Amazon, took place on September 11th-15th 2024, at the Walter E. Washington Convention Center in Washington D.C. The Congressional Black Caucus (CBC) has been fully in support of using constitutional power, statutory authority, and financial resources of the federal government to assure that African Americans and marginalized communities have access to the American Dream.
The District of Columbia was abuzz with congressional leaders, prominent figures, and government officials, creating a vibrant atmosphere for networking and exploring Washington D.C. from a new perspective.
A highlight of the week was the Welcome Reception, hosted by the U.S. Department of Commerce in collaboration with the Minority Business Development Agency (MBDA). This event celebrated the CBCF's commitment to promoting economic equity and showcased the Department's ongoing efforts to foster a more inclusive economy.
The CBC Week provided a valuable platform for discussing critical issues, building connections, and advancing the shared goal of equal opportunity for all.
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Unlocking Key Insights
Data Trends and Discoveries
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Daniel C. Chow, Senior Economist in the Office of Data, Research, and Evaluation (ODRE) joined the MBDA team in December 2020. The youngest of three boys, Daniel remembers growing up in Cook County Chicago and in Northwest Pennsylvania, then moving to Taiwan with one of his older brothers. There he spent much of his teen years, eventually attending Taipei American School, graduating from Morrison Academy, and then returning to the U.S. for university. Today, Daniel holds a master’s in public policy from Carnegie Mellon University and a master’s in applied economics from Johns Hopkins University.
In his role as Senior Economist, Daniel has been instrumental to the development of the new FinTech and Alternative Financing for Minority Business Enterprises report. The Minority Business Development Act of 2021 calls upon MBDA to conduct research and collect and analyze data, including data relating to the causes of the success or failure of minority business enterprises (MBEs). The Act also mandates that MBDA conduct a study on providing alternative financing solutions to MBEs. To that end, MBDA developed this new report focused on alternative sources of capital, commonly referred to as Financial Technology (FinTech).
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Partnering with the think tank and consulting firm, Third Way, Daniel worked to ensure that the report is both technically sound and practically applicable as it needs to provide data and insights that MBEs can use to make informed strategic decisions while informing Congress about the alternative financing landscape. Ultimately, Daniel and his team strived to make MBDA’s FinTech Report both balanced and unbiased allowing the report to reflect the complex and nuanced nature of the alternative financing space.
“I put so much of my time and energy into every word of the report, and I’m pleased the whole process of writing the FinTech study for Congress fostered an ecosystem of peers in MBDA, within the Department of Commerce, Third Way, and the Office of Management and Budget, so that ODRE becomes a recognized brand for research,” said Daniel Chow. “My hope is we use that momentum to promote research and writing so that future MBDA reports also receive quality peer reviews in a timely way.”
To learn more about MBDA’s new FinTech and Alternative Financing for Minority Business Enterprises report, visit our website at mbda.gov.
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Earlier this month, Deputy Under Secretary, Eric Morrissette and FEBICHAM President, Patricio Sepulveda, signed a Memorandum of Understanding (MOU) at the U.S. Department of Commerce.
This MOU allows MBDA and FEBICHAM to work together on policy and opportunities that positively impacts minority business enterprises (MBEs), including expanding access to capital and procurement contracts, opportunities to undertake international trade missions across Latin America, and working across each other’s networks to help reach diaspora MBEs that seek to scale domestically and internationally.
FEBICHAM is a business organization that unites numerous Binational Chambers of Commerce across the U.S., fostering economic growth and equitable opportunities for America's diverse diaspora of entrepreneurs. Established in 2018, FEBICHAM supports a network of 1,800 small and Latino-owned businesses, impacting over 15,000 individuals through its programs and advocacy efforts.
The chambers of commerce represented by FEBICHAM include Argentina, Chile, Colombia, Honduras, Costa Rica, Asia Pacific, Venezuela, Paraguay, Peru, Uruguay, and Ecuador.
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Closing the Gap in Pennsylvania
This month, Deputy Under Secretary Eric Morrissette visited Pennsylvania and engaged with state elected officials, minority business enterprises, and business leaders to discuss the agency's advances toward enhancing procurement opportunities for small and underserved business owners and entrepreneurs. Team MBDA provided education, outreach and information about resources and assistance to stakeholders what the Department of Commerce and the agency is doing to expanded support and close the 6.7 trillion opportunity gap.
Deputy Under Secretary Eric Morrissette meet briefly with Pennsylvania Senator Bob Casey (D-PA).
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 The Deputy Under Secretary meet briefly with Lt. Governor Austin Davis (D-PA).
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 The Deputy Under Secretary engaged in a meeting with the Pennsylvania Advisory Council for Inclusive Procurement (PACIP), a council that advises the Governor's office and agencies on ways to improve contracting opportunities in the Commonwealth.
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The events of September 11, 2001, left an indelible mark on the lives of countless individuals. Survivors and witnesses of that fateful day have shared powerful stories of resilience, courage, and hope. Many remember the sudden, overwhelming rush to evacuate, the emotional impact of losing loved ones, and the aftereffects.
In the years since, many have found strength in sharing their stories and supporting one another. Through personal reflection, community engagement, and advocacy, they have contributed to a deeper understanding of 9/11 and the importance of unity.
The morning of September 11, 2001, is most commonly remembered by the impact left on New York City. Millions watched, and thousands were directly impacted by the collapse of the Twin Towers.
Memories also linger in Washington D.C. with the attack on the Pentagon. Even 23 years later, those who lived and worked in the D.C. Metropolitan area remember the impact it had on their lives.
Kassandra Joi Anderson, warmly referred to as ‘Joi’, remembers the day. How, regardless of the unknown, people were still willing to step up and help.
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In the words of Kassandra Joi Anderson, Administrative Assistant, MBDA Office of Public Affairs and Strategic Alliances |
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“We were standing outside trying to see who had cell phone service. And one of my coworkers says, why is it, like, snowing on us? We kept looking around to see what she was talking about, and there was light, singed debris falling on us right at Crystal City,” said Joi.
“So, it was kind of weird that we had, you know, remnants of, we didn't know what it was, honestly. It looked like a light snow dusting falling on us.
My suite mates were concerned about me because I didn't drive. My son was all the way in the District, and I was in Virginia. A coworker of mine took me to pick up my son because the metro would have had to go from Crystal City to Pentagon City. And Pentagon was closed.
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People were willing to come together knowing that there might be a traumatic outcome. They were still willing to put in the unified effort to say, I can't do this alone, and I need your help,” remembered Joi.
Instead of lingering on the day for its pain, Joi chooses to remember how the community joined together in support. How the attack left everyone with a renewed purpose—looking out for one another.
That awareness for others is still something Joi carries with her today, over 23 years since September 11, 2001. A day we haven’t forgotten, but a day we have overcome.
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