Washington, DC, March 09, 2024 (GLOBE NEWSWIRE) — 55 years ago, President Richard Nixon established the Minority Business Development Agency (MBDA). Now authorized by a bipartisan coalition in Congress and codified by President Biden, the MBDA has been committed to providing the programs, services, and initiatives needed for businesses to achieve economic success and prosperity.
This week, a federal court in Texas said that while minority business enterprises “have far less access to capital and credit…due to racial discrimination in lending markets,” Congress violated the Constitution by requiring MBDA to presume that members of specified minority groups experienced discrimination or had an impaired ability to compete due to fewer capital and credit opportunities. When we expand economic access for socially and economically disadvantaged individuals and their businesses, we create more jobs, generate more revenue, and uplift communities. This benefits everyone, and no one understands that more than President Biden and Vice President Harris.
I disagree with the court’s decision, and we are exploring our options in the case. In the meantime, we will continue MBDA’s programs and work to assist businesses owned by socially or economically disadvantaged individuals in a manner consistent with the court’s decision.
MBDA will always remain dedicated to creating equal opportunity for all businesses.
About the U.S. Minority Business Development Agency (MBDA):
The Minority Business Development Agency is the only Federal agency dedicated to the growth and competitiveness of U.S. minority business enterprises. For more than 50 years, MBDA’s programs and services have better equipped MBEs to create jobs, build scale and capacity, increase revenues, and expand regionally, nationally, and internationally.
