To aid in the advancement of minority-owned small businesses in Miami, the Minority Business Development Agency (MBDA) has revealed funding of several hundred million dollars.
Eric Morrissette, Vice-Secretary of the MBDA, made the announcement this June 5th during the “Investing in Our Communities” panel held at the Miami-Dade Beacon Council. In this panel also participated representatives from several federal agencies.
Want to know how to apply? Keep reading!
How Miami Small Businesses Can Leverage New MBDA Funding?
The resources available will mainly focus on aiding enterprises geared towards exporting. The MBDA operates an Export Center in Miami, offering business development services to facilitate increased financing and contract opportunities, as well as enhanced access to global markets.
In addition to Miami, the MBDA operates three other export centers in the United States, specifically in San Antonio (Texas), Houston (Texas), and Phoenix (Arizona). Each of these hubs can provide assistance in navigating complexities and establishing the necessary connections for businesses to access capital, understand regulations, and attain “export-ready” status for both products and services.
Businesses utilizing these centers can also take advantage of the Memoranda of Understanding (MOU) signed with various international trade agencies. The MBDA can facilitate lending to buyers of products or services in other countries. Therefore, its mission is to ensure that they can purchase the relevant goods.
Leopoldo Martínez, advisor of MBDA and panelist at the event, emphasized, “We collaborate with multilateral organizations and possess the capabilities needed to track the movement of funds.”
Women, Veterans, and Small Business Owners with Disabilities Will Benefit
The Office of Small & Disadvantaged Business Utilization (OSDBU) is significant in allocating funds for small businesses. It serves as an advocacy and advisory office within the Department of Commerce. Its main goal is promoting the use of small, small disadvantaged, 8(a), women-owned, veteran-owned, service-disabled veteran-owned, and HUBZone small businesses in the department’s acquisition process.
Tyar Redus, representing the OSDBU, highlighted its status as the largest contractor with the federal government and encouraged businesses owned by women, veterans, and people with disabilities to participate in the U.S. Department of Commerce procurement process.
The OSDBU’s objectives are to institutionalize the use of small businesses and fully integrate them into Commerce’s competitive base of contractors. It functions as a liaison between the small business community and Commerce procurement offices.
Tyar Redus urged the mentioned business owners to reach out to ostbu@toc.gov to express their capabilities, business expertise, desired partnerships, and certification status, emphasizing the ample resources available.
Miami’s Minority-Owned Small Businesses Statistics Highlight
The entrepreneurship landscape in Miami is thriving. This area has experienced a 2.4% increase in employment from April 2023 to April 2024. Florida boasts a vibrant entrepreneurial scene, with an impressive 13,238 small businesses per 100,000 residents. This is the highest rate in the U.S.
In 2023, there were a total of approximately 5.9 million employer firms, with 1.2 million (21%) being minority-owned. In terms of ownership by ethnicity, Hispanics account for 30% of small businesses. These Latino-owned businesses in Florida contribute over $90 billion to the local economy. Other racial minorities, including Black/African Americans, Asians, American Indians, and Islanders, collectively hold an 18.7% share in Florida.
Additionally, the Small Business Administration (SBA) has provided support for over 7,300 SBA loans to Latino-owned businesses in Florida in Fiscal Year 2023.
Where can ethnic minority businesses in Miami find access to MBDA funding?
To access to the information and assistance, small businesses owners who apply to the requirements can contact MBDA in Miami. Here is how:
The person in charge of this new minority-owned small business program in Miami is María Gill. You can also meet her personally at 970 S.W. 1st St. Suite 405, Miami, FL 33130.
