The U.S. Department of Commerce’s (DOC) Minority Business Development Agency (MBDA) has awarded $385,000 to the Economic Growth Foundation to operate a Minority Business Center in Cleveland. The funds will be used to help Ohio’s minority business community grow and compete on a global scale.
“Minority business development investments are critical to ensuring that Ohio’s economy can compete on a global scale. Small businesses create jobs and economic growth in our Black and brown communities, places that often don’t get a lot of outside investment,” said U.S. Sen. Sherrod Brown (D-OH), announcing the award on July 20. “These federal funds will spur innovation and production, boosting the local economy.”
“This initiative is essential to advancing both growth and prosperity,” said Greater Cleveland Partnership President & CEO Baiju R. Shah. “Ensuring our region is one of inclusive opportunity for both businesses and individuals is fundamental to accelerating our region’s economy.”
The MBDA fosters the creation and growth of minority-owned businesses around the country through investments in a national network of MBDA Business Centers, Specialty Centers, and Grantees. In the fiscal year 2019, MBDA helped minority-owned businesses connect with $1.6 billion in capital, secure $3.1 billion in contracts, and facilitate more than $300 million in export transactions. Last year, the centers helped create 11,597 jobs and retain 15,720 jobs.
MBDA currently supports 35 different MBDA centers around the country. This would be the first MBDA Business Center in Ohio.
In related news, the FLC National Meeting will be in Cleveland in April 2022. View the call for topics: https://federallabs.org/sites/default/files/flc22_call_for_topicsfinal1_...