For Immediate Release
The El Paso Hispanic Chamber of Commerce and Minority Business Development Agency Invest $2.1 million to Continue Grow Minority-Owned Businesses in the Region!
April 21, 2016: The El Paso Hispanic Chamber of Commerce announced today that they have been awarded an MBDA Business Center grant by the U.S. Department of Commerce’s Minority Business Development Agency, to continue providing vital business technical assistance to expanding minority business enterprises in the El Paso region, for the next five years.
The grant program is designed to help minority-owned firms across the nation create jobs, develop their business, and compete in the global economy. A key component of MBDA’s Business Center Network is providing minority firms with access to technical expertise and resources to grow their businesses.
According to data from the U.S. Census Bureau’s 2012 Survey of Business Owners, minority-owned firms in the United States increased from 5.8 million in 2007 to 8 million in 2012, and employed 7.2 million people in 2012. In Texas, there are 1,070,392 minority-owned firms, that contribute more than $171 million annually in economic output. These firms employ more than 1 million local residents. Since 2009, MBDA Business Centers have assisted minority firms with gaining access to more than $31 billion in capital and contracts, while creating and retaining nearly 142,000 jobs.
The El Paso Hispanic Chamber of Commerce has successfully operated an MBDA Business Center in El Paso since April 1, 2008. This new grant funding will allow us to continue providing business assessment and development, direct matching of contract opportunities; deal sourcing; facilitating MBE growth through exports (identifying global markets and financing); identifying, matching and securing alternative sources of capital and financing; small business certification packaging; educating MBEs on the benefits of strategic growth alternatives; advocacy; and, providing service referrals to MBEs of all sizes.
“We are thrilled beyond words to have been victorious in this competitive process to continue to operate the MBDA Business Center-El Paso. It is definitely a reflection of the outstanding work done by the entire MBDA team, headed by our Project Director, Terri Reed, and the collaborative efforts of the Hispanic Chamber. Most importantly, it coincides to provide much needed national resources on a local level to continue to expand our regional minority businesses,” stated Cindy Ramos-Davidson, CEO, El Paso Hispanic Chamber of Commerce and operator of the MBDA Business Center-El Paso.
Since the El Paso Hispanic Chamber of Commerce was awarded this Technical Center in April of 2008, the MBDA Business Center has reported the following successes:
Has served 217 MBE clients.
Has assisted these clients in obtaining $1,012,598,534.70 in successful bid matches.
Has assisted our clients to obtain $219,738,310 in successful financing.
Through these transactions, has helped to create 1357 jobs in our region.
Through these transactions, has helped El Paso businesses to retain 1351 jobs.
"This $2.1 million grant to the El Paso Hispanic Chamber of Commerce for the Minority Business Development Agency Center in El Paso can assist entrepreneurs in our community get the resources and guidance they need to fully capitalize on the unique economic opportunities that our position on the U.S. – Mexico border presents.” — Congressman Beto O’Rourke
Strategic partners in this MBDA Business Center are the following agencies, each specializing in different areas of client identification and services.
The El Paso Hispanic Chamber of Commerce
LiftFund (formerly Accion Texas)
Contract Opportunities Center-El Paso Community College
The El Paso 8A & Government Contractors Association
We have also identified additional key stakeholders in the community that we will work with to further the goals and objectives of the MBDA Business Center program including, Bank of America; BBVA Compass Bank; Wells Fargo Bank; Sierra Finance; City of El Paso - Foreign Trade Zone; City of El Paso Purchasing and Strategic Sourcing Department; City of El Paso Economic Development Department; Borderplex Alliance; First Light Federal Credit Union; and GECU.
“The resources that are available to expanding businesses through the MBDA Business Center are tremendous and vital for the economic growth of our region. Together with our operator, the El Paso Hispanic Chamber Commerce, our Strategic Partners and key stakeholders, we are committed to providing the best quality services to help businesses in our region to expand,” stated Terri Reed, Director, MBDA Business Center-El Paso.
Our benchmarks for year one of this partnership are, through our direct technical assistance, help local businesses create 188 jobs and retain 100 current jobs. Complete $92,019,866 in matched finance and procurement awards! Meet with 70 new clients, and conduct 3 export transactions!
About the Minority Business Development Agency (MBDA)
MBDA, www.mbda.gov, is the only Federal agency dedicated to the growth and global competitiveness of U.S. minority-owned businesses. Our programs and services better equip minority-owned firms to create jobs, build scale and capacity, increase revenues, and expand regionally, nationally, and internationally. Services are provided through a network of MBDA Business Centers. Established in 1969, MBDA continues to be a dedicated strategic partner to all U.S. minority-owned businesses, committed to providing programs and services that provide greater access to capital, contracts and markets.
Paulo Aguirre, Communications Coordinator