The Minority Business Development Agency has designed the Minority Business Enterprise Centers to provide clients with management and technical assistance, and the same time prohibit them from providing the clients with loans and financial assistance.
The MBDA is will enter into cooperative agreements with eligible applicants and can provide funds ranging from $155,000 to $400,375.
Institutions or organizations will be considered eligible to operate a Minority Business Enterprise Center if they are of the following:
a) Nonprofit organizations
b) For-profit firms
c) State and Local governments
d) Native American tribes
e) Educational institutions
The Catalog of Federal Assistance has outlined that the beneficiaries of the Minority Business Enterprise Centers include Americans, Native Americans, Aleuts, Asian Indians, Asian Pacific Americans, Eskimos, Hasidic Jews, Puerto Rican, and Spanish-Speaking Americans who owns minority businesses.
The Department of Commerce, the primary agency funding the MBEC program, is the country's principal agency responsible for ensuring the growth and development of the economy and technological advancements through vigilance in international and domestic trade policies.
In the fiscal years 2006 and 2007, the Minority Business Enterprise Centers was able to assist 4,254 clients and obtain a minimum of $614,269,965 in combined financings and contracts.
Minority Business Enterprise Centers for Minority-Owned Businesses
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Iola Bonggay is an editor of TopGovernmentGrants.com one the the most comprehensive Websites offering information on government grants and federal government programs.