The Minority Business Development Agency (MBDA) is the only Federal agency charged with helping minority-owned business compete and succeed. The Agency works to “link minority-owned businesses with the capital, contracts, and markets they need to grow.” The Agency’s mission is commendable and needed but like any entity, has its limitations. Partnerships are key in business and thanks to a new agreement with Black Enterprise, many Black owned businesses could be better positioned to access the resources and expertise needed to grow.
Today only 2% of all minority businesses have annual gross revenue of $1 million or more. MBDA has programming and resources to help smaller companies but often, the reach and marketing just isn’t there. Most of the companies MBDA services are in fact Black owned and thus there is a natural interest for Black Enterprise. Black Enterprise will work with MBDA to help spotlight opportunities for Black entrepreneurs; MBDA will also be present this summer when Black Enterprise brings together more than 1,200 entrepreneurs at the Charlotte Convention Center June 19-22.
Through the partnership Black Enterprise hopes to help connect more Black Entrepreneurs to the many resources and programs available from the federal government. Historically, Black businesses have not received a fair shake from government, at any level. Even to this very day, Black owned businesses receive well below 5% of all federal contracting dollars awarded to private companies. Further, there are many other resources available to businesses that Black entrepreneurs are often unaware of. From training and coaching to how to navigate financing for startups, our tax dollars often pay for resources that we could benefit from but often know nothing about. Let’s hope that this new partnership bears tremendous fruit.