Albuquerque Gets $1.8m for Minority Business Development Center

The US Department of Commerce Minority Business Development Agency, or MBDA, has awarded the city of Albuquerque, New Mexico, $1.875 million to support its minority business development center.

Source : https://www.cabq.gov/

October 6, 2021

Author : Patty Rodriguez

The grants will be dispersed over the course of five years, coming out to $375,000 per year. “Funding will assist center operations integral to the establishment and growth of minority-owned businesses,” according to the city’s press release.

“In Albuquerque, 60% of small businesses are minority-owned, so this grant is an investment in the heart of our economy and is fundamental to accelerating our city’s post-pandemic recovery,” Albuquerque Mayor Tim Keller said. “We are committed to creating opportunities for businesses and families, part of which means promoting an entrepreneurial ecosystem with equity and inclusion at its core.”

New Mexico’s Minority Business Development center is fairly new, having only operated since December 2020. In its first month, the center served 80 clients and yielded 47 contracts.

“As a minority-majority city and state, we recognize how critical investment in small businesses owned by people of color is to accelerating our economy and ensuring we are competitive on a national scale,” Gabriela Marques, the director of the New Mexico Minority Business Development Center, said. “Our MBDA exists to foster equitable business opportunity and ensure underserved businesses have the tools to achieve their potential.”

Category : Disadvantaged Business Enterprises Minority Business Enterprises Minority Women Business Enterprises Small Business Enterprises Diversity Outreach Local Government

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