Historic agreement announced to strengthen minority business enterprises (MBEs)
The announcement was made recently in the middle of a conference in New Orleans.
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The National Minority Supplier Development Council (NMSDC) and the Minority Business Development Agency (MBDA) sealed this partnership on the first day of the NMSDC 50th Anniversary Conference & Exchange in New Orleans.
The agreement, in addition to empowering MBEs, will help build generational wealth for communities of color in the United States.
Ying McGuire, NMSDC CEO and President, stated:
NMSDC and the MBDA have a long, storied history of working together to create a more racially equitable economy. I look forward to embarking on a new era of partnership between the two organizations that will strengthen our efforts to reach $1 trillion in annual revenue generation for NMSDC-certified MBEs.
These are the actions that the two organizations will focus on:
- Collaborate and effectively leverage each other's capabilities, programs, and services to develop creative and innovative approaches to foster MBE growth and global competitiveness, including expanding minority contractor opportunities available as a result of the Bipartisan Infrastructure Act, the CHIPS Act, and other relevant federal investments.
- Build public awareness about the programs, services and events offered by each organization through the respective internal and external communications.
- Identify opportunities to work together and participate in conferences, workshops, seminars, and other educational outreach activities.
- Investigate strategies to increase the participation of minority entrepreneurs and business owners in various supply chains and provide access to public-private partnerships of both parties.
In launching this initiative, the MBDA also committed to:
- Recognize the NMSDC as an important strategic ally with its network of grantees throughout the country.
- Facilitate introductions from local NMSDC offices to MBDA Business Centers.
- Provide opportunities for the CEO and President of the NMSDC and other subject matter experts to offer commentary during events hosted by MBDA, such as National Minority Business Development Week (MED Week).
- Identify opportunities to collaborate, plan and activate national awareness campaigns and programs that promote minority business enterprises and provide resources for the growth of their businesses.
- Share information about important NMSDC programs, events, and initiatives through its digital channels and network of more than 70 grantees.
- Display the NMSDC logo on MBDA materials used in connection with jointly promoted MBDA/NMSDC activities and events.
Congratulations again to NMSDC on 50 years of being an MBE champion! MBDA looks forward to our continued collaboration serving minority businesses. Pictured: USDC and Ying McGuire after signing an MOU pic.twitter.com/XqGcc6YyyG— USMBDA (@USMBDA) October 31, 2022
For its part, NMSDC made the following commitments:
- Plan, organize and activate MBE business programming that provides resources and educational opportunities for business growth, in mutually agreed upon markets.
- Provide speaking and participation opportunities for the MBDA Assistant Secretary or designee at national NMSDC programs such as the Minority Business Economic Forum and the NMSDC Annual Conference and Exchange.
- Provide opportunities for MBDA to participate in NMSDC's Build Up Local partnership platform to engage MBE resources, access, education, and information regarding the Bipartisan Infrastructure Act and other federal investments and the impact on their businesses.
- Display the MBDA logo on NMSDC materials used in connection with activities and events co-sponsored by MBDA/NMSDC.
- Assist with the dissemination of MBDA events and initiatives, including research and information related to MBE.