The U.S. Department of Commerce’s Minority Business Development Agency (MBDA) increased its efforts last spring to bolster its support of minority business owners with a grant competition, and it reported record job creation for those businesses for fiscal year 2012. The MBDA’s good work in that arena was highlighted once more after a record-setting fiscal year in 2013 that saw the agency help lead the creation and retention of 25, 704 jobs.
On Tuesday, the MBDA released a press release reporting on the agency’s job creation, the capital it provided the businesses, and the contract support given to participants in the programs. More than $4.8 billion in capital and contract awards were doled out, leading to the agency’s highest job-creation goal in its 45-year history.
More from MBDA’s National Director, David A. Hinson:
“These FY13 figures illustrate the crucial role MBDA continues to play in helping minority-owned businesses create jobs and strengthen local communities nationwide. This outstanding performance is a hallmark of the Obama administration’s efforts to help strengthen small- and- medium-sized businesses, which are fueling our economic recovery.
In total under the Obama administration for the years between FY 2009 and FY 2013, the MDBA has helped business owners and participants gain $19.4 billion in contracts and capital, which led to the creation and/or retention of 58,752 jobs.