On September 11, 2021, Gusto Head of Compliance and Public Policy Jeanette Quick published an op-ed highlighting how the Minority Business Development Agency (MBDA) can create a more equitable economy and help remove long-standing roadblocks for minority-owned businesses.
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Minority-owned businesses were disproportionately left out of federal pandemic aid through the Paycheck Protection Program and have historically had unequal access to capital and collateral. The MBDA, the only federal agency dedicated to improving the economic wellbeing of people of color, could provide a lifeline for minority-owned small businesses and help build a more equitable economy.
The $1 trillion bipartisan infrastructure bill currently includes the Cardin-Wicker Amendment, which would more than double the MBDA’s funding and make it a permanent part of the federal government, instead of an agency that exists at the whim of the current administration. Quick’s op-ed highlights crucial areas the MBDA funding could be used for to facilitate more equitable recovery, including supporting the small businesses left out of pandemic aid, bolstering job growth by empowering the next generation of entrepreneurs, and helping small businesses go digital.
Read the full op-ed here.