The Minority Business Development Agency (MBDA) was originally established as the Office of Minority Business Enterprise by President Richard M. Nixon on March 5, 1969. By establishing a federal agency dedicated exclusively to minority business enterprises, President Nixon recognized the impact of minority businesses on the nation’s economy and on the general welfare of the country.
Minority-owned businesses have a competitive advantage in exporting. According to the U.S. Census Bureau and other statistical data, MBE’s are twice as likely to export versus non-minority companies. They are three times as likely to have international operations, and six times as likely to transact business in a language other than English. Another fact is they are export leaders in 14 key industry sectors.
Minority businesses have a competitive advantage in global trade based on their cultural ties, language skills, and nimbleness. Today, the importance of minority-owned businesses as a key component of U.S. international trade has never been greater.