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A Year In Review
2024 was historic for the Minority Business Development Agency (MBDA). Three years since the passage of the Minority Business Development Act of 2021, I am proud to say that MBDA has established itself as a permanent, influential force for the country’s more than 12 million minority business enterprises (MBEs).
MBDA’s work is fueled by the communities we serve, which is why this year I traveled across the country to meet with entrepreneurs, industry leaders, and our national network of program partners. It was clear that people were excited by the historic investments and capital opportunities present for MBEs. But more importantly, our communities are more motivated than ever to break down more barriers and open more doors for MBEs.
Under the Biden-Harris Administration, MBDA’s network helped businesses secure over $3.2 billion in contracts and $1.6 billion in capital, and helped to create and retain over 23,000 jobs. This year also marked the first year of MBDA’s Capital Readiness Program, the largest-ever federal program of its kind designed to help underserved entrepreneurs grow and scale their businesses. In year one, CRP served over 6,300 entrepreneurs and helped raise $263 million in capital. This work represents progress against closing the $7.1 trillion opportunity gap that remains MBDA’s north star in strengthening America’s economy and national security.
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A Selection of Success Stories
We are so excited about the opportunities we have created to help the nation’s MBEs, that we wanted to close this year by highlighting the great work of a few of our Business Centers and Programs. With that in mind, below are snapshots of our work in Arizona, Ohio, Illinois, New Mexico, Hawaii, and Pennsylvania. The dedication and passion of our national network of over 120 Business Centers and Programs have been integral to our shared success in 2024. Together, we will continue to build on these and other past achievements to take America’s over 11 million minority business enterprises to new heights.
With headquarters in Rio Rancho, NM, Dooley Construction Solutions, LLC (DCS) is a Navajo-owned and operated general and electrical contractor. Under the leadership of Anson Dooley, President, the company has developed a reputation for high quality commercial and residential construction management services and electrical work. As a client of MBDA’s Four Winds Diversified Project, a federally funded grant program that supports Tribal and native business growth, DCS takes advantage of the comprehensive business guidance and referral services offered to diverse entrepreneurs. In June 2024 the company was awarded a multimillion-dollar contract with the Navajo Nation Department of Water. This contract enabled DCS to create 20 new jobs within their local Navajo community. MBDA is honored to support the growth and profitability of minority business enterprises like Dooley Construction Solutions, LLC. We commend the Four Winds Diversified Project for their commitment to partnering with Native American MBEs to foster ongoing success and shared achievements for the future.
Clemons-Vazquez JV, a partnership between Clemons Construction Co., Inc. and Vazquez Commercial Contracting LLC, was awarded a 5-year, $495 million contract from the U.S. Army Mission Installation Contracting Command (MICC) and the Department of Public Works (DPW) to perform critical construction and renovation services. The project includes designing and constructing a broad range of new facilities, maintaining older facilities, and providing repairs to existing real property at Fort Campbell, Kentucky. Both clients of the Ohio MBDA Business Center, Clemons Construction Co., Inc. and Vazquez Commercial Contracting LLC teamed up in order to achieve the optimal balance of people, equipment, knowledge, experience, and leadership to win the contract.
To continue learning about the success of our business centers click the "Read More" button below.
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MBDA Information Clearinghouse
The mission of the Minority Business Development Agency (MBDA) is to promote the growth and global competitiveness of minority business enterprises (MBEs) in order to unlock the full economic potential of the United States.
To that end, MBDA establishes and maintains an information clearinghouse for the collection and dissemination of demographic, economic, financial, managerial, and technical data relating to minority business enterprises and shares this information with relevant parties including, but not limited to, business owners, researchers, government, and the public.
MBDA’s Information Clearinghouse offers access to that wide selection of resources including MBDA studies, reports, factsheets and other publications for and about minority business enterprises. To explore MBDA's Information Clearinghouse, click the button below.
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 Celebrating CRP Awardees in Time Square
NEW YORK CITY
On November 21, 2024, the Minority Business Development Agency (MBDA) celebrated the achievement of the historic Capital Readiness Program (CRP) at the NASDAQ Tower in Times Square, New York. Deputy Under Secretary of Commerce for Minority Business Development, Eric Morrissette, joined the Capital Readiness Program awardees to uplift underserved entrepreneurs across the nation.
“One of the greatest obstacles facing underserved entrepreneurs is access to capital, which is why the Capital Readiness Program is so essential. With this landmark program, MBDA is working to address the root problem of that issue by supporting businesses and communities that have been historically overlooked or left behind," said Under Secretary Eric Morrissette “The CRP has and will continue to open doors for entrepreneurs looking to start and scale their businesses."
Since its inception in 2023, Capital Readiness Program awardees have hosted, incubators, and accelerators to serve roughly 6,326 entrepreneurs. They also helped raise $263 million in capital, formed 2,636 new businesses, developed 1,726 business pitches, and hosted 2,486 networking events for diverse business owners and entrepreneurs across America.
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 Visit to New York's Business Center & CRP Awardee
Deputy Under Secretary Eric Morrissette visited the Manhattan and Brooklyn Business Center and CRP awardee, the Business Outreach Center (BOC) network.
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 MBDA On ABC News
Deputy Under Secretary Eric Morrissette had the pleasure of being interviewed live on ABC News to discuss the Capital Readiness Program (CRP).
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Financial Freestyle with Ross Mac
Deputy Undersecretary Eric Morrissette interviewed with Ross Mac on Yahoo's Finance's Financial Freestyle. Click the "Listen Now" Button to hear what he had to say about closing the economic opportunity gap and more!
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