On Thursday, September 14th, the Minority Business Development Agency (MBDA) and the Small Business Administration (SBA) hosted the 2023 Contracting Summit: Equity in Government Contracting . At this event, public sector representatives and government contractors gathered in the White House Eisenhower Executive Office building to discuss current initiatives and contracting opportunities for minority business enterprises (MBEs). The Summit began with a welcome by Donald R. Cravins , Under Secretary of Commerce for the MBDA. Mr. Cravins gave a brief overview of the issues minority businesses face, drawing attention to the lack of minority representation in contracting. After Mr. Cravins' address, Gene B. Sperling, Senior Advisor to the President, shared brief remarks before returning to the White House to address issues concerning the United Auto Workers’ Strike in Michigan . Public Sector Panel: Overview and Updates on Federal Investments The next session was the Public Se
Small businesses are the backbone of our economy, and their success is vital for overall economic growth. Yet, one of the biggest challenges these businesses face is accessing the capital they need to grow, hire, and innovate. This is where the Minority Business Development Agency and the U.S. Small Business Administration's (SBA) 7(a) loan program comes in. **### What Is the MBDA Program? ###** The U.S. Department of Commerce, Minority Business Development Agency (MBDA) is the only federal agency solely dedicated to the growth and global competitiveness of minority business enterprises. **### What Is the SBA 7(a) Loan Program? ###** The SBA 7(a) loan program is the SBA's primary business loan program, aimed at providing financial assistance to small businesses. It offers loans that can be used for various purposes, including: Acquiring, Refinancing, or Improving Real Estate and Buildings: Whether you're looking to purchase a new property, expand your existing one, or refu