Agencies Unite to Increase Economic Opportunities for Minority-Owned Businesses

by LP Green, II

The U.S. Department of Commerce’s Minority Business Development Agency (MBDA) and CEO Connection have entered into a Memorandum of Understanding (MOU) aimed at helping U.S. minority CEOs grow through enhanced access to resources and economic opportunities.

MBDA maintains a national network of 44 Business Centers equipped with specialists that help the nation’s minority-owned firms grow through access to capital, contracts, and markets. CEO Connection supports the success of mid-market CEOs by enabling them to build mutually beneficial relationships with peers and functional experts, and connecting CEOs to information and resources to which they may not otherwise have access.

“Through this MOU, we are providing an opportunity for minority CEOs to operate on an even playing field in accessing opportunities to lead to their businesses’ growth and sustainability,” said MBDA National Director Alejandra Castillo. “This is critical as we experience the demographic shift taking place in America, and the increasing importance of diverse CEOs to our nation’s economy.”

The agreement provides minority CEOs of mid-market companies a greater awareness of the services and resources offered by CEO Connection. Membership in CEO Connection can provide MBDA clients with contacts that can help with their business growth and competitiveness. In addition, through this MOU, CEO Connection will refer MBEs to MBDA for technical assistance and business opportunities.

“This relationship is the quintessential example of the benefits of private businesses working with government to support the greater good,” said Kenneth Beck, Chief Executive Officer of CEO Connection. “We are thrilled that MBDA and the entire Department of Commerce recognize the need for resources to support Mid-Market Companies and we are honored to help.”

Together, MBDA and CEO Connection will leverage each other’s capabilities to develop creative and innovative approaches for promoting the overall success of minority CEOs and firms.

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