Congressman Cohen's Statement on the Memphis Minority Business Center's $1.4 Million Award from the Minority Business Development Agency

Press Release

Congressman Steve Cohen (TN-09) today released the following statement upon the ceremonial presentation of a $1.4 million check from the U.S. Department of Commerce's Minority Business Development Agency (MBDA) to the Memphis Minority Business Center (MMBC):

"I was pleased to help secure the first MBDA center in Memphis in 2012," said Congressman Cohen, "and was pleased today to participate in welcoming the MBDA's Justin Tanner to Memphis for the awarding of a ceremonial check to the MMBC, which will keep the center open and operating for another five years. The MMBC helps minority and women-owned businesses to receive notice of contract opportunities, and also plays an important role in assisting with finance and networking among the Memphis business community.

"Memphis is home to scores of well-qualified, high-potential minority entrepreneurs who do great work. Thanks to this MBDA grant worth $1.4 million to be administered over the next five years, minority businesses can now gain access to more contract and capital markets, and can continue to spur job creation and economic growth in the City of Memphis."

In 2012, Congressman Cohen's efforts led to a $1 million grant from the U.S. Department of Commerce (DOC) to start the MBDA Business Center in Memphis, the first MBDA in the state of Tennessee. In October 2015, Congressman Cohen sent a letter to Director of the MBDA in support of a continued partnership between MBDA and the Memphis Minority Business Center (MBC) and continued funding for the Memphis MBC operations. You can read Congressman Cohen's letter here.

Work on the MBDA Business Center in Memphis was done in coordination with Luke Yancy III, president & CEO of the Memphis MBC Continuum.

MBDA is part of the U.S. Department of Commerce and the only federal agency created specifically to foster the establishment and growth of minority-owned businesses in America. The primary drivers of the MBDA Business Center program are job creation and retention and the award of procurement/contract and financial transactions to minority business enterprises (MBEs).

The purpose of MBDA Business Centers is to provide strategic connections to contract opportunities and business consulting services to eligible Minority Business Enterprises (MBEs). This program supports the Agency mission of promoting the growth and global competitiveness of U.S. businesses that are minority-owned. The MBC program is a key component of MBDA's overall portfolio of minority business development services, focusing on helping secure large public and/or private contracts and financing transactions, stimulating job creation and retention, and facilitating entry to global markets for eligible minority-owned businesses.

In Tennessee, there are 105,234 minority-owned firms that contribute more than $14.5 million annually in economic output. These firms employ more than 79,000 local residents. Since 2009, MBDA Business Centers have assisted minority firms with gaining access to more than $31 billion in capital and contracts, while creating and retaining nearly 142,000 jobs.

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