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Recent Minority Business News
- Fri, 26 Sep 2014 20:10:21 +0000: Minority Businesses Keep the “Made in America” Brand Strong - MBDA Syndicated News Feed
Created on September 26, 2014
Recent studies have shown that the pace of growth in the U.S. manufacturing sector continues to rise. Minority businesses are playing an integral part in that growth and are helping to keep the “Made in America” product strong.
This year, the Minority Business Development Agency recognized two businesses for outstanding manufacturing impact and achieving significant success in employing new and innovative techniques that led to a significant increase in market share, job growth and customer satisfaction.
The first was Detroit Manufacturing Systems, LLC (DMS). DMS currently has more than 700 employees and develops state-of-the-art automotive interior systems. By utilizing the latest technologies, DMS assembles and manufactures injection molded interior trim components for global automotive brands, all with a firm commitment to quality and efficiency.
The second award was given to Ruiz Food Products, Inc. Fred Ruiz cofounded Ruiz Food Products, Inc., with his father Louis in a small warehouse in Tulare, Ca. in 1964. The company is now celebrating its 50th anniversary, and employs 2,300 people. Ruiz Food Products has three manufacturing facilities – in Dinuba, Calif., Tulare, Calif., and Denison, Texas – and recently purchased another facility in Florence County, S.C.
- Fri, 26 Sep 2014 18:21:35 +0000: MBDA Helps Construction Company Create Jobs in HUBZone - MBDA Syndicated News Feed
One of the most successful clients of the Phoenix MBDA Business Center is Fortis Networks, Inc., which was founded by Clarence McAllister and his wife, Reyna. McAllister started the company in 2000 after working as an engineer for Alcatel Lucent and Verizon Wireless. Starting out in telecommunications infrastructure, the firm’s qualifications included the design and installation of fiber optics, smart meters, mass transit communication, and traffic and security control systems. When McAllister sought the services of the Phoenix MBDA Business Center in 2005, revenue totaled $5 million per year5. Three years later, his firm was 8(a) certified and able to expand by opening a construction division to include general construction, environmental controls, design build construction, and underground construction.
Today, Fortis Networks has more than 120 employees with annual revenue over $23 million5, which is expected to reach $30 million in the next two years5. Part of Fortis’ projected growth is possible because the MBDA Business Center helped McAllister secure surety bonding for $20 million single and $60 million aggregate for projects5. Unable to find a financial institution to secure the amount Fortis required in Arizona, MBDA financial consultant David DeLeon sought proposals from larger institutions in California. McAllister received several proposals, which he and DeLeon evaluated to select the one that best met Fortis’ needs.
- Thu, 18 Sep 2014 20:23:53 +0000: SBA Proposes Revisions to Employee-Based Size Standards for Manufacturing and Other Industry Sectors - MBDA Syndicated News Feed
Created on September 9, 2014
The U.S. Small Business Administration published two proposed rules to revise small business size standards in North American Industry Classification System (NAICS) Sector 31-33 (Manufacturing) and industries with employee-based size standards that are not a part of NAICS Sector 31-33, Sector 42 (Wholesale Trade), and Sector 44-45 (Retail Trade). The proposed rules were published in the Federal Register today.
As part of its comprehensive size standards review required by the Small Business Jobs Act of 2010, the SBA evaluated employee-based size standards for all 364 industries in NAICS Sector 31-33 and 57 industries and five exceptions that are not in NAICS Sectors 31-33, 42, or 44‑45 to determine whether they should be retained or revised.
In the first rule, SBA proposes to increase size standards for 209 industries in Sector 31-33. The SBA also proposes to increase the refining capacity component of the Petroleum Refiners (NAICS 324110) size standard to 200,000 barrels per calendar day total capacity for businesses that are primarily engaged in petroleum refining. The proposed rule also eliminates the requirement that 90 percent of a refiner’s output being delivered should be refined by the bidder.
- Thu, 18 Sep 2014 15:26:12 +0000: SBA introduces New Online Course for Young Entrepreneurs in Spanish - MBDA Syndicated News Feed
Created on September 18, 2014
Young entrepreneurs have a new tool to help determine if they’re ready for business ownership and to help them get started. Young Entrepreneurs: An Essential Guide to Starting Your Own Business (Jóvenes Emprendedores) is a free, self-paced online course in Spanish that gives an overview of basic business principles and introduces resources available from the U.S. Small Business Administration.
“This month, the SBA recognizes the vital contributions Hispanic American small business owners have made to our economy as we observe National Hispanic Heritage Month,” said Maria Contreras-Sweet, SBA Administrator. “As a proud Hispanic American, I believe that providing financial, educational and technical assistance to Hispanic entrepreneurs is a major means to create jobs and stimulate the economy. The new course is an essential business development tool for young entrepreneurs that can be central to the future success for many generations to come.”
The Young Entrepreneurs course is designed to help with the essentials of starting a small business, including evaluating business ideas, choosing the best financing options and registering a business. The course also includes useful resources that will help with each step along the path to entrepreneurial success.
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