Bill to make MBDA permanent

Cardin, Cantwell sponsor

      Legislation supported by numerous Democratic Senators would make permanent the Commerce Dept.’s Minority Business Development Agency (MBDA) and grow its budget to allow it a broader reach.

      Sens. Ben Cardin, D-MD, and Maria Cantwell, D-WA, announced introduction of the bill on April 21. Cardin introduced a similar bill last year, as did House members.

      The MBDA was created by President Richard Nixon’s Executive Order in 1969. Under President Donald Trump, it faced major budget cuts. Last year, Trump proposed to reduce the MBDA’s funding by 76%, from $42 million to $10 million.

      Under the Cardin-Cantwell legislation, the MBDA’s budget would be authorized at $100 million.

      In addition, the legislation would:

• Create a Senate-approved position of Assistant Secretary of Commerce for Minority Business Development to lead the MBDA;
• Authorize the MBDA to create additional Minority Business Development Centers to serve regions and rural communities;
• Create a new grant program to make grants to non-profits assisting minority enterprises;
• Allow the MBDA to make grants to minority-owned businesses;
• Create a new program to partner with historically Black colleges and universities and minority serving institutions to build a pipeline of entrepreneurial talent; and
• Authorize funds for data collection and analysis.

      The bill is endorsed by the National Urban League, U.S. Black Chambers, Small Business Majority and several other groups.

More information:
Senators’ statements: https://bit.ly/3eVEGsa
Bill sections: https://bit.ly/3gUaxMl

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