MBDA Launches Initiative To Give Minority Entrepreneurs Greater Access To Equity Capital.

The U.S. Commerce Department’s Minority Business Development Agency (MBDA) and the Emerging Venture Network (EVN) launched the MBDA Equity Capital Access (MECA) Program, marking a landmark expansion of MBDA’s commitment to respond to minority entrepreneurs’ need for greater access to equity capital.

“Minority firms receive just 2 percent of all private equity investments,” said Ronald N. Langston, MBDA national irector. “MBDA is committed to creating innovative campaigns and programs to enhance minority business development. MECA will further the Bush Administration’s commitment to empower minority entrepreneurs with the training and tools they need to be successful in today’s economy.”

The MECA program is one of the first to offer minority entrepreneurs equity capital training of this kind at a national level. The program’s first major project will be a business plan competition organized through the five MBDA regional offices. MBDA and EVN will identify up to 200 entrepreneurs to assess and give a scored evaluation with written comments on strengths, weaknesses and areas for improvement. Of those 200 entrepreneurs, 25 will be selected to participate in an intensive training session, or “boot camp,” where selected applicants will be drilled in the fundamentals of obtaining venture capital.

The boot camp will take place during the National Minority Enterprise Development (MED) Week Conference in Washington, D.C. on September 24-27, 2002. Five of the 25 selected businesses will present their concepts at MED Week to a panel of venture capital experts for feedback and coaching. The deadline for online applications is Friday, August 2, 2002 and may be submitted to http://www.evn.org/.

“Real, enduring prosperity happens when communities have access to the tools of capitalism and opportunity,” said James Moore, managing director for the Emerging Venture Network. “The MECA program delivers those tools to minority communities. EVN is proud to have been selected by MBDA to help establish a program that stimulates the entrepreneurial spirit of the minority community.”