National ACE Celebrates the Passage of the Bipartisan Infrastructure Plan, which Expands & Makes Permanent the Minority Business Development Agency (MBDA)

National ACE Celebrates the Passage of the Bipartisan Infrastructure Plan, which Expands & Makes Permanent the Minority Business Development Agency (MBDA)

 

National ACE applauds this historic, bipartisan effort to make crucial investments in America’s infrastructure including the expansion of the MDBA in the Infrastructure Investment and Jobs Act The bill includes important priority issues, including: Ensures every American has access to reliable, high-speed internet through broadband investments. Makes the largest investment in public transit ever, and the largest investment in passenger rail since Amtrak was created. Makes the largest investments in bridges since the creation of the interstate highway system. Dedicates the largest investment in drinking water in American history and delivers clean drinking water to millions of Americans. Creates a clean, resilient power grid for the 21st Century through the largest investment in electrification and electric vehicle infrastructure in history. Included in the “Bipartisan Infrastructure Deal,” is historic legislation that expands and makes permanent the Minority Business Development Agency (MBDA), a crucial agency that supports minority business owners. National ACE has long supported legislative efforts to expand and make the office permanent. The amendment was sponsored by Senators Cardin (D, MD), Cantwell (D, WA), Wicker (R, MO), Baldwin (R,WI), and Cornyn (R, TX). This amendment expands the MBDA, allowing it to reach more minority entrepreneurs in rural communities as well authorizing the creation of regional MBDA offices administered through Historically Black Colleges (HBCUs) and Minority Serving Institutions (MSIs). The amendment would also increase the MBDA’s grant-making capacity to partner with community and national nonprofits engaged in private and public sector development as well as research. Additionally, the amendment would authorize $110 million in annual funding to the MBDA through FY2025—more than double the agency’s FY2021 appropriation of $48 million. The amendment also creates a presidentially appointed and Senate confirmed Under Secretary of Commerce for the MBDA to lead the agency, creates an advisory council to consult federal agencies on supporting minority business enterprises (MBE) and coordinate federal MBE programs. “The Bipartisan Infrastructure Bill represents a significant and timely investment in our nation’s infrastructure which is imperative for AAPI businesses to recover and thrive for decades," said National ACE President & CEO, Chiling Tong. Tong added “The language to expand and make permanent the MBDA represents a major win for America’s minority businesses. AAPIs, as well as many minority-owned businesses, have suffered greatly over the last 16 months and to expand and make permanent the MBDA is a step in the right direction toward their recovery, which will be essential for the economic recovery.” National ACE was able to develop and facilitate a number of resources for AAPI  entrepreneurs throughout the Covid-19 pandemic due to funding from the MBDA, and we look forward to continuing to work with the MBDA to support more minority entrepreneurs and communities.   ###   About National ACE National ACE’s mission is to serve as a strong advocate of AAPI business interests and effect positive change on all issues that enhance and advance the goals and aspirations of AAPI business owners, entrepreneurs, and corporate leaders. National ACE strives to do this through supporting and promoting issues that impact the AAPI business community, improving the economic development and economic impact of the AAPI community, advancing coalitions and enhancing community building, and fostering the next generation of AAPI entrepreneurs and executives. National ACE provides a unified voice for the business interests of AAPIs nationally.