Minority Businesses To Get A Boost From New Federal Partnership

The Minority Business Development Agency (MBDA) has partnered with Urban Strategies Inc. (USI) to enhance opportunities and access for minority businesses across the US.

Acting Under Secretary of Commerce for Minority Business Development at the MBDA, Eric Morrissette, and USI President, Esther Shin, marked the partnership with the signing of a memorandum of understanding.

Expanding Access to Resources for Minority Entrepreneurs

The USI’s federally designated Community Development Financial Institution (CDFI) fund aims to promote racial and economic equity by offering resources and capital.

By working together, the the MBDA and USI CDFI aim to scale access to services and capital for emergent businesses of color. 

“Black, Latinx, Indigenous, and other marginalized communities often face substantial barriers to realizing their economic dreams,” said Esther Shin in a press release. “Partnering with MBDA, we are paving the way for equitable resource access through strategic alliances.”

The MBDA, which has to promote the growth of minority enterprises, will collaborate closely with USI to expand public awareness of their programs and priorities.

“Our partnership with USI will not only enhance the visibility of our initiatives but also provide a robust support network for minority entrepreneurs,” Eric Morrissette said. “We are excited to work together to deliver a comprehensive range of services designed to foster business development and growth.”

Future Initiatives and Collaborations

USI and MBDA plan to identify further opportunities to support each other’s work and recognize USI as a collaborator with MBDA grantees nationwide. 

This includes sharing information about USI’s activities through MBDA networks and providing platforms for MBDA officials to engage in USI-hosted events. 

These efforts are poised to create a stronger support system for minority business enterprises, enabling them to achieve greater stability, prosperity, and economic liberation.