As a result of a multi-year strategy to reduce administrative and operational overhead costs, the U.S. Department of Commerce’s Minority Business Development Agency (MBDA) announced Monday a supplemental investment of $625,000 to five existing MBDA Business Centers, including the Puerto Rico office.
The funds will support the Business Centers in their efforts to better serve minority business communities nationwide, the agency said in a statement.
“Our goal at MBDA has always been to expand the Agency’s reach, expertise and resources to serve as many minority-owned businesses as possible through the MBDA Business Center program,” said David A. Hinson, MBDA national director.
“These supplemental funds will ensure that five MBDA Business Centers can provide even more assistance to minority-owned businesses to create American jobs and grow the economy,” he said.
Puerto Rico’s MBDA Business Center — operated by the Puerto Rico Products Association — will receive $75,000 to continue its work of providing business consulting services to minority-owned firms that will result in the creation and retention of jobs through business growth.
In fiscal 2012, the Puerto Rico office helped create and retain 1,360 jobs, according to its website.
This is accomplished by increasing the domestic and global competitiveness of minority-owned firms in accessing contracts, capital and markets. Other MBDA offices that will receive funding are in San Antonio ($225,000), Atlanta ($150,000), Chicago ($150,000) and Los Angeles ($75,000.)