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Minority Business Enterprise Centers For Minority-Owned Businesses

The Minority Business Development Agency, also referred to as MBDA, is an agency operating within the United States Department of Commerce that’s primarily responsible for the promotion of growth and competitiveness of the country’s minority-owned businesses.

The MBDA has constituted the Minority Business Enterprise Centers (MBEC) Program wherein it aims to assist minority-owned business establishments by supplying them with electronic and one-on-one business development services for a reasonably nominal fee.

The program is designed and created to provide a vast range of services to its clients, including initial consultations, and identification and resolution of specific business issues that could somehow lead them towards the right direction, which in their case is towards the improvement and growth of their business in the marketplace.

In addition, the Minority Business Enterprise Centers will have to provide clients with advice and counseling in the fields of business assessment, strategic business consultancy, access to capital and markets, preparation of financial packages, business planning, information and management, marketing, assistance, engineering, production, identification of probable business opportunities and construction assistance.

The MBDA has designed the MBEC program to provide clients with management and technical assistance, and at the same time prohibit them from offering the clients with loans and financial aid.

The MBDA will get into cooperative agreements with eligible applicants and will provide funds ranging from $155,000 to $400,375.

Institutions or organizations will be considered qualified for run a Minority Business Enterprise Center if they are of the following:

a) Nonprofit organizations
b) For-profit firms
c) State and Local governments
d) Native American tribes
e) Educational institutions

The Catalog of Federal Assistance has outlined that the beneficiaries of the Minority Business Enterprise Centers include Americans, Native Americans, Aleuts, Asian Indians, Asian Pacific Americans, Eskimos, Hasidic Jews, Puerto Rican, and Spanish-Speaking Americans who owns small businesses.

The Department of Commerce, the primary agency funding the MBEC program, is the country’s principal agency accountable for ensuring the expansion and advancement of the economy and technological advancements through vigilance in international and domestic trade policies.

The MBEC program is very much essential to the Minority Business Development Agency and the Department of Commerce because it enables them to realize their objectives and mission as an agency and an institution.

In the fiscal years 2006 and 2007, the MBEC program was able to assist 4,254 clients and obtained a minimum of $614,269,965 in combined financings and contracts.