Cohen: Minority Business Office to Remain Open in Memphis
[WASHINGTON, DC] – Congressman Steve Cohen (TN-09) today released the following statement on the announcement that the Minority Business Development Agency (MBDA) office in Memphis has been awarded a $1.4 million federal grant ($285,400 distributed annually) from the U.S. Department of Commerce to continue operations for a five-year period:
“I am pleased the Memphis Minority Business Center, the first in all of Tennessee, will remain funded,” said Congressman Cohen. “Memphis is home to scores of well-qualified, high-potential minority entrepreneurs. The Memphis MBDA Business Center helps minority business leaders win contracts and gain access to capital, which helps them better compete.”
In 2012, Congressman Cohen’s efforts led to a $1 million grant from the U.S. Department of Commerce (DOC) to start the MBDA Business Center in Memphis, the first MBDA in the state of Tennessee. In October 2015, Congressman Cohen sent a letter to Director of the MBDA in support of a continued partnership between MBDA and the Memphis Minority Business Center (MBC) and continued funding for the Memphis MBC operations. You can read Congressman Cohen’s letter here.
Work on the MBDA Business Center in Memphis was done in coordination with Luke Yancy III, president & CEO of the Memphis MBC 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.
In Tennessee, there are 105,234 minority-owned firms that contribute more than $14.5 million annually in economic output. These firms employ more than 79,000 local residents. Since 2009, MBDA Business Centers have assisted minority firms with gaining access to more than $31 billion in capital and contracts, while creating and retaining nearly 142,000 jobs.