Minority Business Enterprises and the Construction Industry Part 2
In this four-part article, we are discussing how to develop opportunities for minority-owned businesses in the construction industry. In the first section, our Jacksonville construction attorneys provided you with some history in regard to legislation created to support minority business owners. In this section, we will go into more detail about the federal agency that is responsible for helping minority-led businesses grow.
Minority Business Development Agency (MBDA)
MBDA offers minority business enterprises (MBE) a variety of services that can help develop their business locally, nationally, and internationally. Here are some of the ways that MBDA helps minority-owned firms:
- Assists MBEs of all sizes both on the national and global-level with their strategic growth needs
- Develops middle market and private equity financing opportunities for MBEs
- Orchestrates commercial enterprise undertakings like mergers and acquisitions
- Helps small disadvantaged businesses procure federal and private sector contracts
- Advocates for any MBE concerns and compliance issues
- Offers case management techniques to assist MBEs
- Maximizes job creation by developing over seven million jobs for MBEs
The Present Day of the MBDA
With over eight million minority-owned businesses in the United States, MBDA provides guidance to these companies. As a result, MBEs have contributed over one trillion dollars in economic output since the agency's inception. Here are some more interesting facts about the federal government agency according to their website:
- The total number of MBEs in America has more than doubled since 2002
- The overall economic output of MBEs has also more than doubled since 2002
- Although MBEs have showcased rapid growth over the last few decades, these businesses only make up approximately 29 percent of the firms in America
In order to be certified as a minority-owned firm, the company must be at least 51 percent minority-owned and operated. The company must also be located in the United States and the owner of the company is required to be either a U.S. citizen or a resident alien that is at least 25 percent of one of the following races:
- African American
- Asian and Pacific Islander American
- Native American (including Alaska Natives, Alaska Native Corporations, and Tribal entities)
- Hasidic Jew
If you would like to speak with a Jacksonville construction attorney, please contact us today.
Disclaimer: The information contained in this article is for general educational information only. This information does not constitute legal advice, is not intended to constitute legal advice, nor should it be relied upon as legal advice for your specific factual pattern or situation.