Press Releases

Los Angeles - The Minority Business Development Agency (MBDA), an agency of the U.S. Department of Commerce, and the U.S. Small Business Administration (SBA) have joined forces with the Asian Pacific Revolving Loan Fund of Los Angeles (APRLFLA) to sponsor the conference “Survival 101 - Accessing Stimulus Capital in Tough Times” for existing small business owners in the Los Angeles area.

The purpose of the conference is to inform small business owners about how to secure the financing they need during a time when financial institutions are tightening their belts. Kicking off the conference will be Nancy Sidhu, Chief Economist for Los Angeles Economic Development Corporation (LAEDC) who presents observations about the state of the Southern California economy and what the near future looks like, followed by presentations from SBA, Bank of America and Wells Fargo, and Cisco Bros. about what the banks are looking for in a loan request. Finally, representatives of the Asian Pacific Revolving Loan Fund will explain how to access their organization to find the best financing available.

MBDA and BIS Team Up to Assist Minority Entrepreneurs With Export Rules of the Road

Washington, D.C. – The Minority Business Development Agency (MBDA) and the Bureau of Industry and Security (BIS), both bureaus of the U.S. Department of Commerce, have teamed up to provide information to the more than 4.1 million minority business owners in the United States. Through both MBDA’s and BIS’s network of centers and online, the agencies plan to provide information about export control policies, regulations and procedures in order to help minority businesses grow globally.

A recent MBDA report, Characteristics of Minority Businesses and Entrepreneurs: An Analysis of the 2002 Survey of Business Owners, shows America’s competitiveness and economic growth in the global market will increasingly depend on the growth and expansion of minority-owned businesses. According to the report, minority-owned firms were twice as likely to export (2.5 percent of firms) compared to non-minority owned firms (1.2 percent of firms).

WASHINGTON (October 27, 2008)— Secretary of Commerce, Carlos M. Gutierrez recently announced that John F. Iglehart, Regional Director, Dallas National Enterprise Center, Minority Business Development Agency (MBDA) will receive the 2008 Gold Medal Award for Leadership.

This award, the highest form of honorary recognition the Department of Commerce bestows, is granted to Mr. Iglehart for his exemplary work with the Gulf Coast recovery and rebuilding efforts while he managed MBDA’s Dallas and Atlanta National Enterprise Centers.

Fastest Growing Business Sector of the U.S. Economy Must Remain a National Priority 

WASHINGTON—Today’s current economic crisis presents a heightened challenge to the more than 4.1 million minority-owned businesses, the fastest growing business sector of the U.S. economy. According to Minority Business Development Agency (MBDA)  reports, many minority entrepreneurs rely on short-term debt to finance their business – for example, revolving credit lines or business and personal credit cards. In the current economic environment, not only is it more difficult to receive loans and services from financial institutions, but the price of borrowing is too high.

The Federal Reserve recently reported that 65 percent of domestic banks have tightened lending standards since July 2008. More than 70 percent said they were charging more interest for loans. This impacts cash flow and stunts the expansion of minority businesses, resulting in decreased growth and capacity and therefore, fewer jobs generated.