National MED Week Conference and Nominations for Awards Being Accepted

The National Minority Enterprise Development (MED) Week Conference will be held August 26-28 at the Omni Shoreham Hotel in Washington, DC.  The Conference will focus on fostering innovation, competitiveness and opportunities for minority businesses to retool and rebuild America’s Infrastructure under the American Recovery and Reinvestment Act.

The Conference theme is “Energizing the American Economy with Minority Business Enterprises.” In addition to the State of Commerce Luncheon  and the Annual MED Week Awards Gala, the conference will feature a Business EXPO where entrepreneurs can network and share information.  Participants will also attend educational workshops and business networking events with representatives of MBDA, the Small Business Administration (SBA) and other public and private partners. 

Nominations are currently being accepted for MBDA’s 2009 Excellence in Minority Business Awards.  The award winners will be recognized at MBDA regional MED Week conferences and national award winners will be recognized at the MED Week Awards Gala on August 28, 2009 at the Omni Shoreham Hotel as part of the MED Week Conference activities.

Don’t STOP, follow this minority business all the way to success

In 1972, Phil Archuleta started P&M Signs in the rural community of Mountainaire, New Mexico. Back then, Mr. Archuleta probably didn’t know his company would be one of MBDA’s first and longest-standing clients but now nearly 40 years later he’s seen his company grow substantially, more than doubling gross sales and hiring 30 new employees along the way. 

 

Its minority entrepreneurs like Mr. Archuleta who inspired Representatives Mike Honda (D-CA), Nydia Velázquez (D-NY), Barbara Lee (D-CA) and Dale Kildee (D-MI) to sponsor a resolution (H. Res. 215) to recognize MBDA and its network of business centers’ accomplishments, highlighting the importance of minority businesses on our economy.

 

“The future of the economy depends on the success of minority businesses,” Rep. Mike Honda (D-CA) said.  “Minority enterprises account for $668 billion in total annual receipts, employing close to 5 million in our country.  I applaud MBDA for assisting these entrepreneurs in creating American jobs for the past 40 years.”

 

Minority entrepreneurs continue to be innovative, creating the jobs of tomorrow and fueling our economy.  Mr. Archuleta and P&M Signs is just one example of success.  Minority firms are growing at a faster rate than non-minority firms and are being established at every level, from small and micro operations to rapidly growing technology firms, for example.

 

No one knows this better than the Chair of both the House Small Business Committee and the Congressional Hispanic Caucus, as well as co-sponsor of the resolution, Congresswoman Nydia M. Velázquez (D-NY).

 

“I have a deep appreciation for the importance of minority businesses.  Minority entrepreneurs open new businesses at a rate three times the national average, and their success is vital to the future of our economy,” Congresswoman Nydia M. Velázquez (D-NY) said.  “I congratulate the MBDA on its 40th Anniversary and look forward to continuing to work with them to ensure the success of minority-owned businesses.”

 

What really fueled Mr. Archuleta’s success was his connection to MBDA’s New Mexico Business Enterprise Center  and Executive Director Anna Muller where he’s been a client since his company started.  During that time, the business center has helped P&M Signs to grow their business including securing an $850,000 SBA Guaranteed loan to build an 11,700 square-foot building. 

 

In collaboration with the U.S. Forest Service and the Department of Energy’s Sandia National Laboratories, Mr. Archuleta developed and patented an environmentally friendly composite sign material trade named Altee.  If you’ve ever been in New Mexico, more than likely you’ve seen one of Mr. Archuleta’s signs.

 

I think Congressman Dale E. Kildee (D-MI) sums it up best:

“I commend the Minority Business Development Agency (MBDA) for providing funding for a network of minority business centers located throughout the Nation. These centers provide an invaluable service to minority entrepreneurs with one-on-one assistance in writing business plans, marketing, management, and technical assistance and financial planning to assure adequate financing for business ventures. It is my hope that MBDA will build upon its strong record of business generation and job creation in communities suffering the highest poverty and unemployment rates in the Nation,” said Congressman Dale E. Kildee (D-MI), Democratic Chairman of the Congressional Native American Caucus.

For more information or to find a minority business center near you, please visit www.mbda.gov.

MBDA Marks 40 Years Promoting Competitive Business Growth

On March 5, 1969, President Richard Nixon established what is today called the Minority Business Development Agency (MBDA) at the U.S. Department of Commerce.  Over the last four decades, MBDA has promoted the establishment and growth of minority businesses in the United States.  MBDA is the only federal agency tasked with advancing the competitiveness of minority businesses and throughout the year will be highlighting those minority businesses that have benefited from MBDA programs and the people and communities it has impacted.

MBDA prides itself on remarkable success.  In 2008, the Agency ranked as one of the top three bureaus within the U.S. Department of Commerce and touched more than 25,000 minority businesses, in turn, they created more than 5,000 new jobs.  In addition, MBDA programs generated $1.85 billion in terms of dollar value of contract and financial awards to minority businesses.

There were just 322,000 minority businesses in 1969 generating approximately $11 billion in annual gross receipts.  Today, the number of minority firms is more than 4 million.  These firms generate approximately $660 billion in gross receipts and employ apprximately 4.7 million workers.

While the growth rate of minority businesses has been remarkable, it has not kept pace with the growth of the minority population.  In fact, if minority businesses had grown in pace with the minority population explosion, it would mean an additional 2.4 million firms and gross receipts of $2.5 trillion – that’s nearly four times the current amount of gross receipts.

In addition, 16.1 million more workers would have jobs.

As you can see, the success and growth of minority firms is directly linked to the success and growth of the American economy.

Why?

According to the U.S. Census Bureau, by 2042 there will be a remarkable shift in the demographics of America.  We will once again be a country of immigrants – primarily people of color.  Based on this shift, minority entrepreneurs  are in a unique position to generate long-term employment and economic sustainability in their communities – and for the United States.

For the next generation of minority entrepreneurs, MBDA will focus on preparing minority business owners to grow in size, scale and capacity – further enabling competition in the global economy.