Minority Business Development Agency, Small Business Majority Sign Memorandum of Understanding to Support Underserved Entrepreneurs

Washington, D.C. — The Minority Business Development Agency (MBDA), the only federal agency tasked with promoting the growth and competitiveness of minority business enterprises, and Small Business Majority, a national small business organization that empowers America's diverse entrepreneurs to build a thriving and equitable economy, signed a memorandum of understanding today that outlines ways in which the two organizations will work together to further support, uplift, and expand minority business enterprises and entrepreneurship across the nation. 

Through this strategic alliance, MBDA and Small Business Majority will collaborate to leverage each party’s expertise, educational programing, and other resources designed to help under-resourced businesses gain greater access to loans and technical assistance that are essential to the growth of small businesses. This collaboration will focus on connecting minority business enterprises to resources, including maximizing the reach of funds made available through the State Small Business Credit Initiative (SSBCI); established in 2010 and reauthorized and expanded by the American Rescue Plan in 2021 to help more small businesses access critical capital. Small Business Majority intends to track how successfully SSBCI dollars flow to small minority business enterprises, gather feedback from business owners about their experiences with SSBCI lending, and make recommendations to MBDA based on that research. 

“Both MBDA and the Small Business Majority work to help minority business enterprises start, rise, and expand across the United States,” said Acting Under Secretary for Minority Business Development Eric Morrissette. “We both work to equip minority business enterprises with the tools, resources, and access to capital needed for them to succeed in our rapidly changing economy. This collaboration can only work to build a better, more equitable future for small businesses in this country.”

“We are proud to partner with MBDA to further our mission of empowering America’s diverse entrepreneurs to build a more inclusive economy,” said Small Business Majority Founder & CEO John Arensmeyer. “We are committed to supporting all small business owners, but particularly those who struggle to grow as a result of systemic racism and historic discrimination. We will never waver from this goal, and we know that MBDA will be a key ally in helping the small businesses that need the most support. Through this work, we look forward to coordinating with experts at MBDA and working together to foster a robust, inclusive, and accessible playing field for minority business enterprises and entrepreneurs in the years to come.”