WASHINGTON, D.C. – Today, the Black Economic Alliance, a nonpartisan group of business leaders, announced its support for the Minority Business Resiliency Act of 2020. If enacted into law, the legislation would make permanent the Minority Business Development Agency (MBDA), which is charged with initiating, implementing, and overseeing programs in the public and private sectors that support small businesses and entrepreneurs of color.
BEA Executive Director David Clunie released the following statement:
“At a time when Black businesses are closing their doors at a higher rate than all others while simultaneously struggling to gain access to public and private capital, Congress needs to pass the Minority Business Resiliency Act and finally make the Minority Business Development Agency a permanent fixture in government. For far too long, we’ve endured the consequences of systemic exclusion facing small businesses owners and entrepreneurs of color.
“We need to upend oppressive practices that have prevented Black Americans from true economic inclusion, and every person and institution has an active role to play. This legislation would provide the funding necessary to deploy vital resources to Black businesses—including grants and technical assistance—that aren’t getting support elsewhere.”
The Minority Business Resiliency Act of 2020 would:
- Address the disparate impact COVID-19 has had on businesses of color by increasing MBDA’s fiscal year 2020 budget to support MBEs through the current crisis.
- Provide certainty by placing the MBDA in statute and formally establishing processes for its largest program, the Minority Business Development Center (MBDC) Program.
- Codify the MBDA to execute on the mission and goals of the agency more effectively by providing the proper tools to carry them out successfully.
- Build a diverse pipeline of entrepreneurial talent by creating a new program to spur entrepreneurship at historically Black colleges and universities (HBCUs) and minority serving institutions (MSIs) and ensuring regional coverage of the MBDC Program.
- Expands the geographic reach of the MBDA by authorizing the creation of regional/district MBDA offices, building off the Economic Development Administration’s model.