{"id":14822,"date":"2025-01-02T19:49:17","date_gmt":"2025-01-02T19:49:17","guid":{"rendered":"http:\/\/wordpress.thetruthtoledo.com\/?p=14822"},"modified":"2025-01-02T19:49:17","modified_gmt":"2025-01-02T19:49:17","slug":"minority-business-development-agency-releases-report-on-closing-supply-chain-gaps-with-mbes","status":"publish","type":"post","link":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/2025\/01\/02\/minority-business-development-agency-releases-report-on-closing-supply-chain-gaps-with-mbes\/","title":{"rendered":"Minority Business Development Agency Releases Report on Closing Supply Chain Gaps with MBEs"},"content":{"rendered":"

Special to The Truth<\/em><\/p>\n

Last week, the Minority Business Development Agency (MBDA) of the U.S. Department of Commerce released its \u201cWays in Which Minority
\nBusiness Enterprises (MBEs) Can Meet Gaps in the U.S. Supply Chain\u201d report.
\nThis report presents several avenues for MBEs to meet gaps in the U.S.
\nsupply chain and discusses opportunities to conduct, commission, and
\ncollaborate on new studies with other federal, state, and private
\ninstitutions on this topic.<\/p>\n

This report offers a data-driven snapshot of the MBE supplier landscape,
\nanalyzing representation of MBE firms in both manufacturing industries and
\nthe service industries that support manufacturing. The data shows there is
\nroom to grow representation of MBEs, particularly in manufacturing.<\/p>\n

* MBE firms comprise about 22 percent of the service sector firms support
\nmanufacturing but represent only about 10 percent of manufacturing firms.
\n* As a comparison, MBEs comprise about 20 percent of all employer firms.<\/p>\n

The report identifies barriers present in supply chains for MBE
\nparticipation; and the ways in which policy makers, technical assistance
\nproviders, and large corporations can utilize MBEs to advance the U.S.
\nsupply chain.<\/p>\n

\u201cMBDA has embarked on a new chapter of our long and proud history to
\nserve and support MBEs,\u201d said Deputy Under Secretary of Minority Business
\nDevelopment Eric Morrissette. \u201cThe Minority Business Development Act of
\n2021 empowered our agency to work toward equity among U.S. firms and
\nstrengthen our national economy, and we are forever committed to that
\nmission. Together with public and private sector partners, we will continue
\nto address capital access disparities and highlight sources of alternative
\nfinancing while closing gaps in the U.S. supply chain.\u201d<\/p>\n

The report highlights many public and private initiatives directed toward
\npromoting the success of MBEs in supply chain industries and breaking down
\nbarriers. Increasing MBE participation in advanced technologies and
\nmanufacturing relies on a range of initiatives to ensure MBEs can develop
\nthe capacities and skills needed to compete in rapidly changing markets.<\/p>\n

The report recommends four potential opportunities through which MBEs can
\nhelp close supply chain gaps through policy and business plan changes:<\/p>\n

* Leverage the Large Number of MBEs in High-Tech Manufacturing Support
\nServices: Assist MBEs to Access Opportunities as Part of the Growth Spurred
\nby Federal Investments, Including the CHIPS Act.
\n* Fostering Inclusive Entrepreneurship In Manufacturing: Promote Talent
\nPools of Entrepreneurship; and Support Training Programs and Expand
\nInnovation Incentives.
\n* Expand Corporate Supply Chain Diversity: Expand and Strengthen
\nProcurement Programs,; Build Corporate-MBE Supplier Relationships; and
\nEnsure Stable Cashflow for MBEs.
\n* Provide Support to MBEs in Manufacturing: \u00a0Leverage Business Centers and
\nNetworks; Develop Initiatives Helping MBEs Grow in Scale and Size; Foster
\nNetworks and Partnerships; and Encourage Community Engagement.<\/p>\n

Other suggestions made in the report include addressing unique challenges
\nby MBE demographic groups and expanding qualitative data gathering to learn
\nabout the needs of MBEs in manufacturing.<\/p>\n

This report was mandated under the Minority Business Development Act of
\n2021. The Act codified MBDA and many of its existing programs. The report,
\nand details of its findings, can be reviewed at\u00a0www.mbda.gov<\/a>\u00a0[1<\/a>].<\/p>\n

The U.S. Department of Commerce, Minority Business Development Agency is
\nthe only Federal agency dedicated to the growth and global competitiveness
\nof U.S. minority business enterprises (MBEs). For more than 50 years,
\nMBDA\u2019s programs and services have better equipped MBEs to create jobs,
\nbuild scale and capacity, increase revenues, and expand regionally,
\nnationally, and internationally.<\/p>\n

###<\/p>\n","protected":false},"excerpt":{"rendered":"

Special to The Truth Last week, the Minority Business Development Agency (MBDA) of the U.S. Department of Commerce released its \u201cWays in Which Minority Business Enterprises (MBEs) Can Meet Gaps in the U.S. Supply Chain\u201d report. This report presents several avenues for MBEs to meet gaps in the U.S. supply chain and discusses opportunities to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"wf_post_folders":[272],"class_list":["post-14822","post","type-post","status-publish","format-standard","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/posts\/14822","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/comments?post=14822"}],"version-history":[{"count":1,"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/posts\/14822\/revisions"}],"predecessor-version":[{"id":14823,"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/posts\/14822\/revisions\/14823"}],"wp:attachment":[{"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/media?parent=14822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/categories?post=14822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/tags?post=14822"},{"taxonomy":"wf_post_folders","embeddable":true,"href":"https:\/\/wordpress.thetruthtoledo.com\/index.php\/wp-json\/wp\/v2\/wf_post_folders?post=14822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}