MBEC's for Minority-Owned Businesses

The Minority Business Development Agency, otherwise known as MBDA, is an agency operating within the United States Department of Commerce that's primarily in control of the promotion of growth and competitiveness of the country's minority-owned businesses.

The The Minority Business Development Agency has recently constituted the Minority Business Enterprise Centers (MBEC) Program wherein it aims to back up minority-owned businesses through providing them with electronic and one-on-one business development services for a reasonably nominal fee.

The program is likewise intended to provide a huge selection of services to its clients, including initial consultations, and identification and resolution of specific business issues that could somehow lead them to the right direction, which in their case is towards the improvement and expansion of their business in the marketplace.

In addition, the Minority Business Enterprise Centers must provide clients with advice and counseling in the fields of business assessment, strategic business consultancy, access to capital and markets, preparation of monetary packages, business planning, information and management, marketing, assistance, engineering, production, identification of probable career advancement and construction assistance.

The Minority Business Development Agency has designed the Minority Business Enterprise Centers to provide clients with management and technical assistance, and at the same time prohibit them from offering the clients with loans and financial assistance.

The MBDA will enter into cooperative agreements with eligible applicants and will provide funds ranging from $155, 000 to $400, 375.

Institutions or organizations will be considered eligible to run a Minority Business Enterprise Center if they are of the following:

a) Nonprofit organizations

b) For-profit firms

c) State and Local governments

d) Native American tribes

e) Educational institutions

The Catalog of Federal Assistance has outlined that the beneficiaries of the Minority Business Enterprise Centers include Americans, Native Americans, Aleuts, Asian Indians, Asian Pacific Americans, Eskimos, Hasidic Jews, Puerto Rican, and Spanish-Speaking Americans who owns minority businesses.

The Department of Commerce, the principal agency funding the MBEC program, is the country's principal agency liable for ensuring the expansion and advancement of the economy and technological advancements through vigilance in international and domestic trade policies.

In the fiscal years 2006 and 2007, the Minority Business Enterprise Centers was able to assist 4, 254 clients and obtained a minimum of $614, 269, 965 in combined financings and contracts.

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