The U.S. Department of Commerce Minority Business Development Agency (MBDA) has announced a historic collaboration with Divine Nine Sororities, The National Council of Negro Women, The Links Incorporated, The Black Women’s Agenda, and The National Coalition of 100 Black Women. The collaboration aims to advance the growth of women business enterprises and break down barriers for Black women entrepreneurs. Memorandums of Understanding (MOUs) were signed between MBDA and each organization to formalize the partnership. The collaboration was memorialized at a roundtable discussion held at the White House, where the challenges faced by women entrepreneurs in accessing capital, starting and scaling businesses, and accessing contracts and networks were discussed. The MBDA's alliance with these organizations aims to provide solutions, resources, and opportunities for economic empowerment for Black women entrepreneurs [60fba5ee].
In addition to the collaboration with Divine Nine Sororities and women's leadership organizations, the MBDA has also facilitated a $1 million funding facility for Bulawayo-based entrepreneurs under the Bulawayo Business Network. The funding facility was made possible through a memorandum of agreement signed between the AfriUSA Business Initiative and local stakeholders. The funding will provide financial support to aspiring and existing entrepreneurs, creating job opportunities and contributing to the economic growth of the region. The Bulawayo Business Network will also provide mentorship, training, and networking opportunities to ensure the success of these entrepreneurs. This initiative sets a positive precedent for fostering entrepreneurship and economic growth in Africa [8bb2a908].
Furthermore, NMB Bank Limited in Zimbabwe has obtained a $15 million trade finance facility from the African Development Bank (AfDB) to support small-to-medium enterprises (SMEs) and corporates in the agribusiness and trade distribution value chains. The facility will provide a 100% guarantee to international confirming banks for the non-payment risk they take on NMB's trade finance transactions. This trade facility is expected to support over $100 million in total trade volumes by 2026 and help reduce Zimbabwe's trade finance gap. The facility comes as NMB has already mobilized foreign lines of credit totaling $130 million since 2010 to support critical sectors of the economy. The AfDB's trade finance program aims to connect SMEs, women-owned businesses, farmers, and local enterprises to key value chains regionally and globally [8bb2a908].
Similarly, the Central Africa Building Society (CABS) in Zimbabwe has secured a $25 million trade finance loan facility from the African Development Bank Group (AfDB). The facility will provide loans to large-scale firms and small to medium-sized enterprises (SMEs) in Zimbabwe. It aims to enhance foreign currency liquidity for CABS in a fast dollarizing economy and cover some of the trade finance gaps that have emerged due to international lenders scaling down support or halting trade transactions with Zimbabwe. The facility is expected to finance approximately $175 million of trade over a three-and-a-half-year period. This marks AfDB's fourth private sector intervention in Zimbabwe and the third to CABS [8bb2a908].
The U.S. Black Chambers, Inc. denounces the ruling by the United States District Court for the Northern District of Texas Fort Worth Division against the Minority Business Development Agency (MBDA). The court ruled that the MBDA's technical assistance programs are unconstitutional based on the assertion made by three plaintiffs who claimed they were unable to access federal programs due to their race. The President & CEO of USBC, Ron Busby, Sr., believes that this ruling is part of a coordinated effort to erase federal programs focused on uplifting Black and Brown communities. The USBC emphasizes the importance of diversity, equity, and inclusion in institutions, policymaking, and strategic decisions. They believe that the MBDA and its programs are critical partners in advancing wealth-building opportunities for Black Americans, especially in federal procurement programs. The USBC will continue to fight against efforts that hinder the promise of the American dream and dismantle advancements in equity and inclusion [83731440].
A federal court ruled that the Minority Business Development Agency (MBDA) must no longer consider race or ethnicity when deploying its services to U.S. small businesses. The ruling was made by Judge Mark Pittman, appointed to the U.S. District Court of the Northern District of Texas by former President Trump. The ruling argued that the agency's qualification for 'disadvantaged' business owners violated the 14th Amendment's equal protection clause. Critics argue that the ruling is part of a larger movement led by conservatives and Republican-appointed judges that is undoing efforts to address racial disparities. The ruling could exacerbate existing racial disparities in ownership and wealth. The MBDA provides minority business owners access to capital, contracts, and consulting services. The ruling has raised concerns about implicit or explicit racial bias and the further widening of the racial wealth gap. Proponents of diversity, equity, and inclusion (DEI) programs will need to collect data, document discrimination, and prove that disadvantage is directly linked to race in order to combat legal setbacks [1adfeea3].
The recent Supreme Court decision striking down Affirmative Action in higher education admissions and the U.S. District Court in Texas mandating that the U.S. Department of Commerce’s Minority Business Development Agency (MBDA) must extend its services to all races undermine the progress made in addressing historical inequalities. The need for equity in opportunity persists, and efforts must continue. The quest for a level economic playing field requires perseverance and action from leaders in business, diversity, policymakers, citizens, and educators. The article emphasizes the importance of promoting economic empowerment and inclusivity through policies and practices [d99c9866].
The Georgia Minority Supplier Development Council (GMSDC) is part of a national network of corporations, Minority Business Enterprises (MBEs), and industry experts who advocate for the inclusion of minority-owned businesses in corporate and government supply chains. The GMSDC represents 1,200 MBEs, the majority of which are classified as small businesses. As part of Small Business Month, the GMSDC celebrates the contributions of small businesses to the economy, highlighting that they create 64% of new jobs and account for 44% of the nation's Gross Domestic Product (GDP). The GMSDC offers programs open to all small businesses in Georgia, including the Georgia Mentor Protégé Connection mentoring program [603c9002].