Historic Legislation! Bi-Partisan Infrastructure Bill Creates Permanent Status for MBDA
With the passage of historic legislation this week, the U.S. Department of Commerce Minority Business Development Agency (MBDA) becamea permanent statutory agency. This groundbreaking legislation will allow the MBDA to expand programs and outreach to the minority-owned businesses of our nation.
“President Biden has made clear his commitment to not just rebuilding to how things were before COVID-19, but to building back better and more equitably,” said U.S. Department of Commerce Secretary Gina M. Raimondo. “The Minority Business Development Agency is ready to step into this historic moment and build on its success – because we recognize that America’s road to recovery runs through our minority business community.”
This bill expands the geographical reach of the MBDA, creates regional offices throughout the nation, authorizes rural centers, and expands existing MBDA programs. It also increases the MBDA’s grant-making capacity to partner with community and national nonprofits engaged in private and public sector development as well as research. One groundbreaking aspect of the Act is the creation of the Parren J. Mitchel Entrepreneurship Education Grants Program, which aims to cultivate the next generation of minority entrepreneurs on the campuses HBCUs and MSIs across the Nation.
“The Department of Commerce and MBDA play a pivotal role in promoting the growth and competitiveness of minority-owned businesses,” said U.S. Department of Commerce Deputy Secretary Don Graves. “This legislation is transformative and signifies a new era in minority business development and progress toward addressing the long-standing racial disparities in access to capital, contracts, and business ecosystems.”
Stay up to date on the implementation of the Act at the official website.