Washington, DC — Today, Owen Jackson, Vice President of Business Development at the National Community Reinvestment Coalition (NCRC) will give testimony before the Congressional Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies and will call upon Congress to reverse proposed cuts to the Department of Commerce’s Minority Business Development Agency (MBDA).
MBDA supports Business Centers across the nation. These centers help minority-owned small businesses gain access to capital, contracts and financing. The current budget proposal reduces the MBDA’s funding by $1.5 million in 2013.
“Less funding for MBDA Business Centers means fewer resources for small businesses,” said Jackson. “A key part of our economic recovery lies in our willingness to invest in America’s small businesses in order to spur job creation.”
In the past three years, MBDA Business Centers have helped small businesses obtain $10 billion in contracts and create 15,000 net new jobs.The program has generated a 125 percent return on investment for every dollar of funding.
NCRC has called on Congress to budget $32 million for the MBDA in 2013, which would match the 2008 funding level. NCRC President and CEO John Taylor made the following statement:
“These budget cuts would undermine a successful program that has a proven track record at creating jobs and helping small businesses grow,” said Taylor. “Small businesses create two out every three new jobs, and are integral to the nation’s economic recovery. We urge Congress to restore funding so this program can enable additional economic growth.”
NCRC is the only non-profit organization in the country that operates three MBDA Business Centers, with centers in Washington, D.C., New York, NY, and Houston, TX. NCRC also manages a Women’s Business Center and Small Business Teaming Center sponsored by the U.S. Small Business Administration, and a small business development loan fund.
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