2014 U.S. Budget to Support Minority Businesses

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President Obama’s 2014 Budget Supports the National Growth and Expansion of U.S. Minority-Owned Firms

The Minority Business Development Agency (MBDA) promotes the ability of minority business enterprises (MBE) to grow and to participate in the global economy through a range of activities that include funding a network of centers that provide MBEs a variety of business assistance services. Through its direct federal client services and its network of funded centers, MBDA: (1) fosters the expansion of opportunities for minority-owned businesses in the global marketplace; (2) identifies sources of financial capital for minority-owned firms; (3) develops and upgrades electronic tools to provide access to growth markets through automated matching of MBEs to public and private sector opportunities; (4) provides management and technical assistance to minority-owned businesses; and (5) advocates for the increased use of electronic commerce and new technologies by MBEs.

In FY 2014, MBDA will continue to support the national growth and expansion of U.S. businesses that are minority-owned, with a specific focus on minority firms operating in high growth industries such as green technology and clean energy. A key component to our economic recovery, under the auspices of President Obama’s National Export Initiative, export promotion and the globalization of the minority business community will continue to be a substantial focus of Agency activities in FY 2014. MBDA’s target clients have unique competitive advantages in the global markets including language skills, cultural knowledge, knowledge of local business practices and familial and other relationships. These competitive advantages have resulted in minority-owned firms being twice as likely to export as nonminority-owned firms.

MBDA will also continue to develop additional avenues by which it can leverage its resources while expanding the availability of services to MBEs. This includes the use of the Internet to establish information clearinghouses and national referral centers for minority-owned businesses of any size, which will provide a wider access to public and private business development resources. MBDA will also expand its automated matching capabilities related to all forms of contracting opportunities. MBDA will continue to rely on its nationwide network of funded centers to provide management and technical assistance, contract opportunities, and financial transactions for businesses that are minority-owned.

Read the complete MDBA Report.

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