Historic Formation of the U.S. Department of Commerce Minority Business Enterprise Advisory Council

In an extraordinary development that promises to reshape the face of the United States' business landscape, Under Secretary of Commerce for Minority Business Development, Donald R. Cravins, Jr., announced the formation of a pioneering council focused on the growth of minority-owned businesses.

On January 12th, 2024 from our nation's capital, a milestone was declared in the annals of business development that is poised to radically redefine the trajectory of commercial and entrepreneurial opportunities across various minority communities.

Navigating the Course of Commerce: A Council Emerges

Constructed upon the principles established in the trailblazing Minority Business Development Act of 2021, this newly instituted Minority Business Enterprise Advisory Council is designed to bolster the essential mission of the Minority Business Development Agency (MBDA) - promoting the expansion of minority-owned businesses. The council celebrates diversity as a fundamental engine for the American economy.

Donald R. Cravins, Jr. pointed out the indispensability of the council, deeming it 'a crucial part of MBDA's position as the leading authority for minority and underserved businesses.' This comment was in acknowledgment of the council's potential to accelerate the MBDA's influence and impact on creating an equitable, robust economy that offers every American citizen the equitable prospect of operating a prosperous business.

The Council's Constituents: Concurrent Strength of Public and Private Players

Uniquely composed, the council constitutes nineteen pioneers and preeminent figures from the public and private sector. The members are known for trailblazing advancements in the business arena and for reasserting possibilities for the very businesses the MBDA serves. Collectively, their leadership and sway are set to significantly enhance the impact of the MBDA on minority and underserved enterprises.

The framework of the council exhibits a compelling blend of stakeholders, including nine private sector members and additionally, one representative each from ten Federal agencies involved in business formation, workforce development, financial policy, national security, energy, agriculture, transportation, and housing.

All participants serve a two-year tenure and may be granted extensions, thereby ensuring a continual infusion of diversified talent and perspectives. These governors are envisaged as drivers of the council's guiding spectrum, dedicated to elevating the nation's business environment.

The Council’s Compass: Guiding the Agency's Strategic Directions

The council is envisioned as a guiding compass, serving as a vital information exchanger on economic and social developments that may influence socially or economically disadvantaged enterprises. The members will provide MBDA leadership with insights into plans, programs, and ventures undertaken in public and private sectors related to distressed businesses.

The Assembly of Stalwarts

United We Stand: The Federal Agencies United for an Inclusive Economy

The U.S. Minority Business Development Agency (MBDA): More Than Half a Century Of Dedication

As the sole Federal agency fully committed to the growth and global competitiveness of U.S. minority business enterprises (MBEs), the MBDA's programs and services have long served as a beacon of hope for MBEs. With over 50 years of service, MBDA continues to level the playing field, helping MBEs create jobs, scale, expand regionally, nationally, and globally.

For more information on the agency and the work it does to catapult MBEs into the forefront of the nation’s economy, visit http://www.mbda.gov/

SOURCE: Minority Business Development Agency