Cohen Announces $250,000 in Federal Funding for the Memphis Minority Business Development Center
[MEMPHIS, TN] – Congressman Steve Cohen (TN-09) today announced that the Minority Business Development Agency (MBDA) Business Center in Memphis has been awarded $250,000 in federal funds to boost job creation and retention as well as foster the economic growth of minority businesses throughout the Ninth District. Congressman Cohen worked for several years to secure funding for the MBDA Business Center in Memphis.
“Memphis is home to many well-qualified, high-potential minority entrepreneurs who do great work,” said Congressman Cohen. “This funding will help minority businesses in Memphis create and retain jobs, which will breathe more life into our local economy.”
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 MBDA, part of the DOC, is the only federal agency created specifically to foster the establishment and growth of minority-owned businesses in America.
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 Business Center 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.