Cohen: New Minority Business Center Coming to Memphis
MEMPHIS, TN – Congressman Steve Cohen (D-TN-9) today announced that Memphis will open a new Minority Business Development Agency (MBDA) Business Center within the next few weeks to help minority businesses gain access to contracts, capital and markets thanks to a U.S. Department of Commerce grant worth $1 million to be administered over the next four years. Congressman Cohen has worked several years to secure funding for a MBDA Business Center in Memphis.
“Memphis is home to scores of well-qualified, high-potential minority entrepreneurs who do great work,” said Congressman Cohen. “A Memphis MBDA Business Center will help minority business leaders win contracts and gain access to capital, which will help them better compete in the 21st Century global economy.”
“Minority business development is critical to the success of the Memphis community and the future development of our country. As the first MBDA Business Center in the State of Tennessee, Memphis is strategically located and positioned as a regional hub to provide greater impact and opportunities to serve minority businesses. As an organization, The Mid-South Minority Business Council Continuum (The MMBC Continuum) has proven success with helping minority firms grow to scale by connecting them to contract opportunities to meet the needs of local, national, regional and global corporations, as well as assist with funding their growth. This is a great opportunity for the City of Memphis, Shelby County, the State of Tennessee and The MMBC Continuum,” said Luke Yancy III, president & CEO of The MMBC Continuum.
MBDA is part of the U.S. Department of Commerce and the only federal agency created specifically to foster the establishment and growth of minority-owned businesses in America. The primary drivers of the MBDA Business Center program are job creation and retention and the award of procurement/contract and financial transactions to minority business enterprises (MBEs).
The purpose of MBDA Business Centers is to provide strategic connections to contract opportunities and business consulting services to eligible Minority Business Enterprises (MBEs). This program supports the Agency mission of promoting the growth and global competitiveness of U.S. businesses that are minority-owned. The MBC program is a key component of MBDA’s overall portfolio of minority business development services, focusing on helping secure large public and/or private contracts and financing transactions, stimulating job creation and retention, and facilitating entry to global markets for eligible minority-owned businesses.