This federal funding will be distributed annually during a five-year period with a start date of April 1, 2016. The agency intends to release $301,225 per year for each of the next fives for the center in Detroit.
This 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 Michigan, there are currently 158,946 minority-owned firms, that contribute more than $23.6 million annually in economic output. These firms employ more than 147,000 local residents.