What is the U.S. Department of Commerce MBDA ?
The U.S. Department of Commerce MBDA is the only federal agency dedicated to the growth and global competitiveness of the U.S. minority-owned business sector. Their programs and services equip minority owned companies to create jobs, build scale and capacity, increase revenues, and expand regionally, nationally, and internationally. Services are provided through a network of more than 40 MBDA Business Centers across the United States, the District of Columbia, and Puerto Rico.
The mission of the U.S. Department of Commerce MBDA is to promote the growth of minority owned businesses through the mobilization and advancement of public and private sector programs, policy, and research. MBDA has accomplished this mission by funding a network of centers that provide Minority Business Enterprises (MBEs) a variety of business assistance services.
This includes bonding assistance, identifying financing opportunities, and matchmaking with banking institutions or mezzanine financing options. It also includes connecting businesses with alternative lenders for the financing of purchase orders or rapid scalability.
MBDA identifies opportunities for U.S. minority business enterprises by promoting their ability to grow and compete in the global economy in selected industries. Through an agreement with the U.S. Department of Commerce’s International Trade Administration, MBDA provides information on market and product needs worldwide and identifies ways to access education, finance, and technology to help minority businesses succeed. Many MBDA counselors are certified in counseling exporters. For example, MBDA and ITA coordinate minority business participation in trade events. The U.S. Department of Commerce Minority Business Development Agency (MBDA) Business Center network also helps minority businesses prepare international marketing plans and promotional materials and to identify financial resources. The mission of the grant is to promote the growth of minority-owned business through the mobilization and advancement of public and private sector programs, policy, and research.
- Businesses with annual revenues of over $1,000,000; or
- Businesses involved in high-growth industries such as green technology, clean energy, or healthcare; or
- Businesses exhibiting rapid growth potential