Guest blog post by David Hinson, National Director, Minority Business Development Agency
When Muhammad Ali, the legendary world heavyweight boxing champion, was asked by reporters why he kept boasting about being the greatest in the ring, he used to say, “It isn’t bragging if you can back it up.”
The MBDA FY2011 Annual Performance Report (APR) (7MB PDF) backs up what we’ve been saying about MBDA’s achievements under President Obama. In 2011, we registered the best performance in our 43-year history. It was our third record-breaking year in a row.
The recently released APR presents detailed information about the contracts and capital MBDA helped obtain for minority-owned businesses, along with the number of new jobs created. It also highlights our strategic and organizational accomplishments.
Let me give you just a few of those highlights.
Despite the serious head winds the economy is facing, more than 5,780 new jobs were created by minority-owned firms working with MBDA and its network of MBDA Business Centers in FY 2011. MBDA assisted minority-owned businesses in obtaining access to nearly $4 billion in contracts and capital.
During the first three years of the Obama Administration,
- MBDA facilitated a total of more than 16,300 new jobs, an increase of 20% over the prior three-year period.
- MBDA directly served more than 17,400 minority-owned businesses and indirectly served thousands more, a 36% increase over the prior three-year period.
- And MBDA achieved a Return on taxpayer Investment (ROI) between 102x and 130x, an impressive 86% increase over the prior three-year period.
MBDA’s FY2011 APR also presents a state-by-state detailed analysis of the performance of minority-owned businesses broken down by industry.
From day one, the Obama administration has been focused on getting the American people back to work. The FY2011 APR shows that MBDA heeded this call to action by continuing to help minority-owned firms create thousands of jobs in the last year alone by providing minority-owned firms with MBDA and Commerce tools vital for creating jobs and strengthening the economy.
MBDA expanded its footprint of business centers to several new locations over the past couple of years, including: Anchorage, Boston, Cleveland, Denver, and Memphis. Following the redesign of its business center program, the Agency expanded the portfolio of services provided by MBDA Business Centers to include export-readiness, mergers & acquisitions, and alternative financing. The Agency also launched its first specialty business center—the Federal Procurement Center—designed to increase government contracting with minority-owned firms.
More details about the MBDA’s performance can be found in the full report on the Agency’s website .