Bullish on minority business: MBDA director sees better days ahead. (Newsmakers).There may be an economic recession, but Ronald N. Langston, national director of the Minority Business Development Agency (MBDA MBDA Minority Business Development Agency (US Department of Commerce) MBDA Michigan Broadband Development Authority MBDA Minnesota Band Directors Association MBDA Matra BAE Dynamics Alenia MBDA Magnolia Ballroom Dancers' Association ), is quick to point to the bright side. "Many minority businesses across the board have been expanding and growing," says Langston, who is wrapping up his first year at the helm of the MBDA. President George W. Bush appointed him to the spot on March 19, 2001. "We're seeing some businesses go through a slump Slump A temporary fall in performance, often describing consistently falling security prices for several weeks or months. , while some are rising. Those in biotechnology and environmental cleanup The process of removing solid, liquid, and hazardous wastes, except for unexploded ordnance, resulting from the joint operation of US forces to a condition that approaches the one existing prior to operation as determined by the environmental baseline survey, if one was conducted. are making a lot of money now." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a report issued by the U.S. Census Bureau Noun 1. Census Bureau - the bureau of the Commerce Department responsible for taking the census; provides demographic information and analyses about the population of the United States Bureau of the Census on July 12, 2001, minority-owned businesses, those owned by African Americans African American Multiculture A person having origins in any of the black racial groups of Africa. See Race. , Hispanics, Asians, or Native Americans, grew more than four times as fast as U.S. firms overall between 1992 and 1997, increasing from 2.1 million to about 2.8 million. The 33% growth rate exceeded the 6.4% increase for all U.S. firms. Despite that growth, the impact of the economy on minority-business development resulted in difficulty for entrepreneurs hoping to raise capital, something the MBDA is contending with, says Langston. According to a 1999 report by the BLACK ENTERPRISE Board of Economists, of the $4.2 billion invested through Small Business Investment Companies (SBICs), $4.09 billion went to majority firms and only $128 million went to minority firms. The MBDA provides a range of services, including management advice, business and financial plan developing, and matching entrepreneurs with financiers, designed to increase the business-participation rate of minority businesses in the country. One of Langston's goals is to see minority business increase into other industries. --AH |
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