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Showing posts from September, 2023

Minority Business Development Agency Listening Session

MBDA Listening Session. September 20, 2023. On Wednesday the 20th of September, Under Secretary Donald Cravins of the US Department of Commerce Minority Business Development Agency (MBDA) hosted a crucial listening session at the department's library. This gathering provided a valuable platform for minority business owners, impact investors, and researchers to engage in a dialogue concerning the challenges confronting Minority Business Enterprises (MBEs). Recent legal developments have underscored the urgency of this conversation. The Role of MBDA Minority Business Enterprises (MBEs) are commercial or non-profit organizations in which 51% or more of the common stock or other ownership stakes are held by members of the following groups: Asian-Americans, African-Americans, Hispanic or Latino Americans, Native Americans, women or combinations of persons from these groups. These firms and non-profits are pivotal contributors to the US economy, adding billions of dollars to US GDP and g

SBA LENDING TO BLACK BUSINESSES DOUBLED SINCE 2020. Jeffrey McKinney, Black Enterprise Magazine

Calling it “historic progress,” the U.S. Small Business Administration announced it has doubled lending to Black businesses nationwide in multiple categories. The SBA on Thursday, Sept. 21, reported it has backed 4,387 loans to Black-owned businesses so far in fiscal  2023 via its 7(a) and 504 loan programs, over twice as many as since 2020. In terms of loan amounts, a total of $1.3 billion has been provided, constituting a 7.5% overall share of SBA-approved loans for businesses, also showcasing a doubling since 2020. The SBA reported that women and people of color have led a historic small business boom. Some 13.1 million new business applications have been filed with the agency since President Joe Biden took office— a rate 65% faster than the pre-pandemic average.   SBA Administrator Isabel Casillas Guzman and Congressman Steven Horsford (D–NV Fourth District) announced the loan performance at the 2023 Congressional Black Caucus Foundation’s Annual Legislative Conference on Thursday.

2023 Contracting Summit: Equity in Government Contracting, Henry Bridgers, Grinnell College, Intern.

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

Unlocking Financial Success: Recent Developments in SBA 7(a) Lending

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

North Korea's Perspective on BRICS Expansion. Jeongmin Yoon, ESG Intern, Incheon National University.

BRICS countries (Brazil, Russia, India, China and South Africa) are moving to establish a new international monetary system to replace the U.S. dollar. North Korea claims that the current international economic order is unfair, centered on the U.S. dollar, and welcomes the expansion of the BRICS to break this unequal order.  "The unprecedented international movement to restrict the use of the Dala (dollar) and the trend of many countries joining the BRICS are accelerating the end of the dollar as a key currency and the subsequent end of U.S. hegemony," the (North) Korean Central News Agency KCNA said in a report issued under the name of international critic Jung Il-hyun. "It is a well-known fact that the dollar-based international monetary system has become the second pillar of the U.S. global hegemony along with military means," the news agency said. "A representative example is financial sanctions imposed on Russia after the Ukraine crisis." BRICS countr