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MBDA Obtains Record-Breaking Performance in Fiscal Year 2011
Printer Friendly| June 2012 | |
| From the National Director | Reverse Trade Missions and Webinars Save MBEs Time and Money |
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When Muhammad Ali, the legendary world heavyweight boxing champion, was asked by reporters why he kept boasting about being the greatest in the ring, he used to say, “It isn’t bragging if you can back it up.” The MBDA FY2011 Annual Performance Report (APR) backs up what we’ve been saying about MBDA’s achievements under President Obama. In 2011, we registered the best performance in our 43-year history. It was our third record-breaking year in a row. The recently released APR presents detailed information about the contracts and capital MBDA helped obtain for minority-owned businesses, along with the number of new jobs created. It also highlights our strategic and organizational accomplishments. Let me give you just a few of those highlights. Despite the serious head winds the economy is facing, more than 5,780 new jobs were created by minority-owned firms working with MBDA and its network of MBDA Business Centers in FY 2011. MBDA assisted minority-owned businesses in obtaining access to nearly $4 billion in contracts and capital. During the first three years of the Obama Administration, MBDA facilitated a total of more than 16,300 new jobs, an increase of 20% over the prior three-year period. MBDA directly served more than 17,400 minority-owned businesses and indirectly served thousands more, a 36% increase over the prior three-year period. And MBDA achieved a Return on Taxpayer Investment (ROI) between 102x and 130x, an impressive 86% increase over the prior three-year period. MBDA’s FY2011 APR also presents a state-by-state detailed analysis of the performance of minority-owned businesses broken down by industry. |
In June, MBDA participated in a reverse trade mission with Zambian leaders from government and the private sector, headed by the Honorable Robert K. Sichinga, M.P. Minister of Commerce, Trade and Industry. The delegation visited six cities, including Boston, Atlanta and Houston. In each city, MBDA provided support by mobilizing local businesses and doing matchmaking with minority-business owners. The delegation also met with MBDA National Deputy Director Alejandra Castillo and senior staff at MBDA headquarters in Washington, DC. |
| Business Tips: 10 Cost Saving Ideas for Business Owners | |
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| Minority Enterprise Development Week Awards Nominations | |
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Monday, July 2, 2012 is the deadline for the Minority Business Development Agency's 2012 Minority Business of the Year Awards Program. Help us recognize the outstanding achievements of minority entrepreneurs, as well as individuals and organizations that have demonstrated leadership and commitment in advancing minority business enterprise. Awards will be given in the following categories:
Visit medweek.gov to learn more about the program or to make your nomination. |
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Spotlight On: The Atlanta MBDA Business Center |
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In FY2011, the Atlanta MBDA Business Center helped Georgia minority-owned businesses obtain more than $42 million in contracts and close to $24.5 million in capital, which resulted in creating more than 180 new jobs. Among those helped was Sirius Chemical Group, dba Global Water, LLC, a manufacturer and provider of cleaning products for commercial, industrial and food and beverage facilities, that was founded in 2004 by Jesse Storr in McDonough, Georgia. Jesse Storr’s plan is to create employment for 100,000 Americans and to provide clean drinking water at the tap to 130 million homes. He contacted the MBDA Business Center in Atlanta for assistance in developing a business plan to support the company’s growth. The Atlanta Center researched sources of capital, provided introductions, assisted in developing presentations, and provided access to opportunities through B2Bs, client networking programs and open events. Thanks to their efforts, Sirius Chemical Group secured a $6.6 million contract, which represents a greater than 90% increase in revenue. According to Storr, working with MBDA was a great match. “The MBDA Business Center’s staff has skills that fit our business model perfectly,” Storr said. The account manager not only had a strong business development and chemical background, she also had practical experience with water. “This opened the door to establishing additional resources necessary for our company to move to new levels,” he said. And recently, one of the Center’s clients, Perry’s Auto Auction, owned by Kelvin Thompson, was featured on the CNBC Town Hall Event: Getting Back to Business. Perry’s Auto Auction, located on Main Street in Swainsboro, Georgia, was bought by Thompson in 2007. During the early years it was a struggle to stay afloat -- Thompson sometimes found himself short on cash and inventory. What kept him going was his belief that success was on the horizon. “My mantra is just don’t quit,” Thompson said. The MBDA Business Center in Atlanta is providing management and technical assistance to Perry’s in defining and implementing its growth strategy. Spotlight On promotes the work of our nationwide network, center by center. |
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For minority business owners interested in exporting their goods and services and eager to make contacts with markets overseas, but unable to travel, reverse trade missions provide unique opportunities to foster business relationships and build long-lasting partnerships between U.S. businesses and our overseas partners.
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