The Minority Business Development Agency has been allocated $35.6 million in President Barack Obama’s budget proposal for fiscal year 2017.
MBDA said Friday the FY 2017 budget request for the agency saw a $3.6 million increase from the FY 2016 allocation.
If approved, the budget will be used to expand services and assistance to eight million minority-owned businesses the agency funds in 29 states plus the District of Columbia and Puerto Rico, MBDA said.
MBDA offers assistance to minority companies in business consulting, procurement matching and private equity and venture capital sourcing work.
“These additional resources would help us serve an even greater number of minority businesses across the nation,” said Alejandra Castillo, MBDA National Director.
Obama’s FY 2017 budget increase for MBDA aims to open new programs to empower young entrepreneurs and develop three research projects, the agency said.