On Oct 24, 2023, At the Minority Enterprise Development (MED) Week, Deputy Secretary of Commerce, Don Graves delivered a heartfelt address emphasizing the historical significance and potential of the minority business community in the country.
Graves shared his personal connection to minority business, recounting how his ancestors, who were successful minority entrepreneurs, played a pivotal role in the family’s welfare and the nation’s broader success. The land where their horse and buggy taxi business once stood now houses the Department of Commerce building, showcasing the longstanding connection between minority businesses and the heart of America’s commercial sector.
Highlighting the Biden-Harris administration’s commitment, Graves stressed that the Department of Commerce, especially the Minority Business Development Agency (MBDA), has been tasked with ensuring that minority-owned businesses are well-equipped to be major contributors to America’s economic success.
Under President Biden’s leadership and with bipartisan support, the MBDA has been further empowered. The agency now holds a permanent position within the Department of Commerce. This elevation, Graves remarked, is to ensure that the voices of minority business enterprises are heard loud and clear.
The Deputy Secretary mentioned the continuous engagement of the MBDA with entrepreneurs from diverse backgrounds, understanding their aspirations and challenges. Citing a specific instance, he recalled a meeting in May with young Black entrepreneurs where topics like credit access and capital were discussed. Such interactions have played a crucial role in shaping federal programs, policies, and initiatives.
Graves also highlighted the accomplishments of MBDA’s Capital Readiness Program, a $125 million initiative, which aids minority entrepreneurs to establish and expand their businesses. He proudly mentioned MBDA’s stellar performance in the fiscal year 2022, during which the agency assisted businesses in securing over $1 billion in capital, $1.6 billion in contracts, and nearly $300 million in export transactions.
Furthermore, he underscored how MBDA’s work aligns with President Biden’s Investing in America Agenda. Massive investments through the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act are all opening avenues for minority business to flourish.
In conclusion, Deputy Secretary Graves expressed his pride in the daily achievements of MBDA, emphasizing its central role in strengthening minority businesses in America. He thanked everyone involved and celebrated the promising future of minority enterprise.
