Small Business Administration minority business round table

The U.S. Small Business Administration (SBA) announced today that it renewed its partnership agreement with the Minority Business RoundTable (MBRT) to continue joint outreach efforts to minority entrepreneurs.

  • Monday, December 22, 2014 9:14pm
  • Business

The U.S. Small Business Administration (SBA) announced that it renewed its partnership agreement with the Minority Business RoundTable (MBRT) to continue joint outreach efforts to minority entrepreneurs. The strategic alliance is part of SBA’s ongoing effort to support small business development initiatives in underserved communities. The agreement allows the organizations to share resources and educate minority entrepreneurs on how to use SBA products and services to establish and grow their businesses.

“The Urban Institute recently conducted a study that found that women and minority-owned businesses are three to five times more likely to be approved for an SBA-backed loan than a conventional loan. We know that providing lending and access to federal contracts to minority businesses can lift up entire communities,” said SBA Administrator Maria Contreras-Sweet.  “I’m determined to get more loans and federal contracts into the hands of entrepreneurs who reflect the diversity of America.”

In FY 14, the SBA approved 15,620 minority owned business loans totaling $6.5 billion.  Minority-owned businesses continue to account for about 28 percent of the agency’s overall lending and 12.9 percent of its microloans. Also in FY 2014, the number of SBA loans to African Americans grew by roughly 36 percent from the previous year and 14 percent for Hispanics and women.

In FY14, Small Disadvantaged Businesses (SDB), which constitutes a majority of minority-owned businesses, continued to receive awards valued in billions of dollars through federal contracts.  During FY13, the federal government far exceeded its goal of awarding 5 percent of prime contracting dollars to SDBs, awarding 8.61 percent or $30.6 billion.

That achievement represents the highest percentage of contracts the government has awarded to Small Disadvantaged Business in American history.

MBRT is a national membership organization for minority CEOs that serves as a unified voice for minority businesses. Through this partnership, the SBA and MBRT intend to help more of these businesses succeed and stimulate economic growth in their communities and the nation’s economy.

The SBA and MBRT alliance is intended to strengthen and expand small business development across the nation for minority entrepreneurs. SBA will provide MBRT with timely information on the agency’s programs, services and resource partners, participate in roundtable discussions and conferences and advise them on events that will impact their mission.

As part of the resource pooling, MBRT will cooperate with SBA and its resource partners to provide information to members about its business development programs and services, and share current SBA news and information.

The two-year agreement is a renewal of the partnership that started between the SBA and MBRT in 2010.

More in Business

Railroads implementing positive track

While the investigation continues into the deadly AMTRAK derailment near Dupont, the clock continues to tick on the implementation of Positive Track Control (PTC). The deadline is Dec. 31, 2018.

Keep the holiday spirit all year long | Don Brunell

During the holidays, our thoughts naturally turn to giving — not just giving gifts, but donating our time and money to charities, disasters and community programs.

Finding balance in occupational licensing

Recently, the Institute for Justice (Institute) determined state licensing barriers for lower-income workers and aspiring entrepreneurs not only hurts people trying to establish themselves in a profession, but annually drives consumer prices up by $203 billion.

Remember 1993

Twenty-five years ago, business took a beating in Olympia. The swing to the left in the 1992 general election was swift and potent. It drove higher costs to employers and more government regulations.

Remembering Ed Carlson, Vietnam POW

Since last Veteran’s Day, Ken Burns’ in-depth documentary on the Vietnam War has aired. It is a powerful reminder of an unpopular war in which many “baby boomers” fought and died.

Rural prosperity essential to Washington

While Seattle is growing rapidly, our rural areas continue to struggle. They don’t have the corporate giants such as Amazon, Microsoft and Boeing creating jobs and economic opportunities. Farms are predominantly family-owned.

Amazon’s plan reminiscent Boeing’s Chicago move

Last year, Seattle Times aerospace reporter Dominic Gates wrote about the similarities and differences between Boeing’s corporate office move to Chicago and Amazon’s plan for a second headquarters.

LiveLocal98022 meeting cancelled

Bob Green, the night’s speaker, notified the organization he couldn’t attend due to an illness.

Expanded Panama Canal among challenges for Washington Ports

The $5.4 billion spent to expand the Panama Canal is paying off for East Coast and Gulf of Mexico seaports; however, it is putting more pressure on the Northwest to remain competitive.

Players taking a knee hurting the NFL | Don Brunell

On a recent Saturday afternoon in Portland, a young woman stepped onto the playing field at the beginning of the University of Montana vs Portland State football game and started singing our national anthem. She immediately drew a blank on the words and briefly stopped, but as she started apologizing, the fans spontaneously took up the singing.

New metal collecting machine may clean up contaminated waters

There is a new machine being tested in Montana which could decontaminate toxic mine tailings while recovering valuable precious minerals for everyday use.

Workshop will focus on business, social media

All are invited to learn how social media can impact business and how it can be used to create a positive experience for customers.