U.S. Commerce Secretary Gina Raimondo and Deputy Secretary Don Graves recently participated in the 41st Annual National Minority Enterprise Development (MED) Week, celebrating minority-owned business enterprises' achievements. They reiterated the Biden-Harris Administration's commitment to promoting economic equity and equality, ensuring these businesses have access to capital and technical assistance for growth.

The event coincided with the 2024 National Minority Supplier Development Council’s Annual Conference in Atlanta. The Minority Business Development Agency’s MED Week highlights the innovation of minority-owned businesses, which generate nearly $2 trillion in annual revenue. Recent years have seen a surge in new businesses, particularly among Black and Latino entrepreneurs, contributing to 16 million jobs under the current administration.

During a discussion with NMSDC CEO Ying McGuire, Secretary Raimondo emphasized minority businesses' role in economic growth. “I firmly believe that our diversity is our greatest strength,” she stated. She stressed the importance of inclusivity for national potential.

Deputy Secretary Graves joined a panel on federal investments supporting minority enterprises. As Chair of the Interagency Community Investment Committee (ICIC), he discussed efforts to inform communities about available federal resources. Launched by Vice President Harris three years ago, ICIC aims to channel investments into American communities.

“The Biden-Harris Administration remains committed to ensuring that minority-owned businesses have access to the resources they need to thrive and grow,” said Graves. He highlighted using economic power inclusively as crucial for competition and innovation.

Through initiatives like the Inflation Reduction Act and CHIPS and Science Act, the Department of Commerce aims to support minority-owned businesses in infrastructure, manufacturing, and clean energy sectors. Programs such as CHIPS for America are creating new jobs while providing training across communities.

Last year saw MBDA launch its largest investment program for underserved entrepreneurs: $125 million towards 43 business incubators and accelerators designed for their support.

MED Week concluded with awards recognizing outstanding contributions to minority business growth—the highest national recognition from the U.S. Department of Commerce.

For further details, refer to President Biden’s Proclamation for Minority Enterprise Development Week 2024.