March 12th 2024.
The Minority Business Development Agency (MBDA) has been in the news lately due to a recent federal court decision that has caused some controversy. In March, U.S. District Judge Mark Pittman ruled that the agency, which was created 55 years ago to help minority-owned businesses grow, must now provide services to all racial groups, not just minorities.
This decision was made in response to a lawsuit from several white business owners who argued that the agency's policies were unconstitutional. Despite the ruling, the MBDA remains committed to its mission of assisting socially and economically disadvantaged individuals and their businesses. Acting secretary of Commerce Eric Morissette expressed his disagreement with the court's decision and stated that the agency is exploring its options in the case.
In addition, the MBDA announced a new partnership with eight of the nation's largest Black sororities and women's leadership organizations. This collaboration aims to address funding shortfalls for women entrepreneurs of color, a group that continues to face significant challenges in accessing capital for their businesses. The organizations involved in this partnership have a combined membership of over one million women, many of whom are Black women business owners and entrepreneurs.
The MBDA hosted an event with these organizations, known as the "Divine Nine," on March 7 to sign a Memorandums of Understanding (MOUs), outlining their commitment to work together to advance the growth of women-owned businesses. The goal of these agreements is to increase access to resources and business development tools for women entrepreneurs, particularly those facing funding disparities.
"The Minority Business Development Agency is excited to collaborate with these women-led organizations to break down barriers and expand opportunities for Black women," said Morissette. This sentiment was echoed by Alphonso David, president and CEO of the Global Black Economic Forum, who stated that this partnership is a reminder of the collective power of people of color to support and uplift each other.
David also addressed the recent court ruling, stating that it acknowledges the ongoing discrimination faced by people of color in contracting, yet seeks to remove remedies for this problem. He emphasized the need to continue fighting against economic inequities, and believes that this alliance can play a crucial role in that struggle.
Overall, the MBDA and its partners remain committed to promoting economic access for socially and economically disadvantaged individuals and their businesses, regardless of race. They believe that by expanding opportunities for these groups, everyone benefits, and this aligns with the values of President Biden and Vice President Harris. The MBDA will continue its programs and services in line with the court's decision, while also exploring options to challenge this ruling.
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