MBDA is short for Minority Business Development Agency, a federal agency that helps minority owned business owners in starting and maintaining their businesses. The agency’s services include help and support in form of giving access to capital, contracts and market opportunities. Market opportunities can include domestic and global markets. Aside from assistance, the MBDA also offers help in form of consultation with regard to business management and operations. The agency’s URL is mbda.gov.
Fundamental support from this agency is manifested in three forms – access to funds, contracts and marketplace. Access to funds is done by assessing financial opportunities, different methods of financing and taking a closer look into acquisition and merger transactions. Access to contracts support means that the business can get help in participating in procurement and its all related activities like bidding, preparation of proposal, contract negotiation and closing. The MBDA also gives contact to public and private procurement. Assistance is also offered with regards to market research and specialized certification.
As the agency’s name implies, this agency is about minority business development. Its main aim is to help businesses owned by minorities (owners who are members of the ethnic minorities in America) and develop their business so that they can compete equally with other businesses in the marketplace. This agency, along with the SBA (Small Business Administration), strives to close the gap between minority and non-minority businesses by giving support to minority entrepreneurs in becoming successful and at the same time, reaping the benefits of conducting business in the United States. Both agencies hope that every business, minority and non-minority, will show positive performance and development in addition to the business being profitable to its owners, employees and community.
The agency has a federal and state structure. Every state has a branch of MBDA for every minority entrepreneur that resides in that area. These state ‘satellites’ are called minority business development centers and are designed with their own offices, staff and resources to conduct their business.
One of the leading MBDA business Development Centers is the MBDA Manhattan – NY. The office is located at 114 West 47th Street, Floor 19, New York. The center is managed by the National Community Reinvestment Coalition or NCRC. It is responsible to cater to businesses started by minorities in the New York and New Jersey area.
Like any other MBDA agency, the MBDA NY-Manhattan Center provides excellent service in terms of access and support. It also offers the same assistance in every MBDA center – expert consulting and different accesses to money, markets (procurement market) and contracts.
In terms of access to funding or money, The MBDA and its Business Centers do not give grants or loans. Giving business grants is not within the powers of agencies like the MBDA and SBA. Minority Development Agency Grants are grants or money given to MBDA as an organization to operate its centers and staff located within the United States. Within the MBDA, grants come from the part of the federal budget allocated for the agency.
