Economic Perspectives with Hopeton Hay on KAZI 88.7 FM in Austin, TX

40 Year History of U.S. Minority Business Development Agency Focus of Economic Perspectives on April 13

Posted by Hopeton on April 10, 2009

Federal official John Iglehart will discuss the historical impact of the U.S. Department of Commerce Minority Business Development Agency (MBDA) in helping to educate, grow, and develop minority-owned businesses for 40 years on the April 13 edition of Economic Perspectives.  John Iglehart is Dallas Regional Director of the MBDA.mbda_40thanniversary_logov31

Established in 1969 by former President Richard Nixon, MBDA is the only federal agency tasked with advancing the competitiveness of minority businesses, and with the recently passed American Recovery and Reinvestment Plan, the MBDA will be working to connect minority firms with newly available resources that will help put Americans back to work.

In 1969, there were approximately 322,000 minority-owned firms generating less than $11 billion in annual gross receipts. Today, there are more than 4 million minority-owned firms generating approximately $660 billion in gross receipts. These firms have not just grown in number and in revenues, but they employ approximately 4.7 million workers. 

While the growth of minority firms over the last 40 years has been remarkable, it has not kept pace with the growth of the minority population. If the growth of minority firms actually reflected the minority population growth, it would mean an additional 2.4 million firms and gross receipts of $2.5 trillion – nearly four times the current amount of gross receipts. In addition, 16.1 million more workers would have jobs. According to the U.S. Census Bureau, by 2042, there will be a remarkable shift in American demographics to a majority minority. Based on this population shift, the future of the American economy is directly linked to the success of minority-owned firms. Minority entrepreneurs are in the unique position to generate long-term employment and economic sustainability in their communities and for the United States.

John Iglehart

John Iglehart

A regional director,  Iglehart is responsible for the administration and direction of all MBDA programs in the 11-state Dallas Region which includes Arkansas, Colorado, Louisiana, Montana, New Mexico, North Dakota, South Dakota, Oklahoma, Texas, Utah, and Wyoming.  The MBDA programs that he oversees are accomplished through competitive awards for the purpose of providing management and technical assistance to minority businesses in order to assist with their survival, expansion and start-up. 

Iglehart has over 30 years experience working for MBDA.  He has received numerous awards attesting to his unmatched dedication, talent, professionalism and untiring efforts in the course of helping to foster minority business development including the U.S. Department of Commerce’s Gold Medal Award for Leadership which he was awarded in November 2008.

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One Response to “40 Year History of U.S. Minority Business Development Agency Focus of Economic Perspectives on April 13”

  1. Hank Wilfong Jr. said

    You tell um, John!!!

    I was fortunate enough to be there, too, back in the day. How pleased I am that so many of us have been blessed to still be here. We continue the struggle, begun those many years ago. And, we shall continue, until we succeed-and we shall.

    Hank

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