NMSDC commends the US Small Business Administration

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New York, New York, April 15, 2022 (GLOBE NEWSWIRE) — The National Minority Supplier Development Council (NMSDC) welcomes the U.S. Small Business Administration’s (SBA) latest four rules to change supplier size standards. income-based small businesses in the 16 North American Industry Classification System (NAICS) sectors that will increase small business eligibility for federal SBA contract and loan programs for approximately 59,000 additional businesses. The final rules are part of the second five-year review of size standards, as required by the Small Business Jobs Act 2010.

“Our nationwide network of over 15,000 MBEs will benefit greatly from this new rule change,” comments Ying McGuire, CEO and Chairman of NMSDC. “And we hope to continue to work with Administrator Guzman and the administration to bring greater economic fairness, transparency and accountability to federal government contracts.”

Minority Business Enterprises (MBEs) have faced historic disenfranchisement and institutional barriers in government contracts that have continually suppressed the economic growth of minority businesses. With the historic passage of the bipartisan Infrastructure Act, the revised SBA rules will help bring economic fairness to the federal contracting process as the law is implemented.

“The NMSDC applauds the Biden administration,” adds Carlton L. Oneal, chair of the NMSDC’s National MBE Contribution Committee and president of LightSpeedEdu, Inc. “Their concerted efforts regarding data transparency on government contracts with communities of color systematically excluded, such as Blacks, Hispanics, Asian Americans, Native Hawaiians, Pacific Islanders, and tribal nations, have resulted in creating some of the changes needed to break down barriers within these communities.

The Federal Register’s final rule affects four key areas: transportation and warehousing, information, finance and insurance, and real estate and rental and leasing. The NMSDC supports this extraordinary first step and will continue to advocate for the removal of other barriers that continue to suppress economic fairness for all MBEs.

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About the NMSDC
Founded in 1972, NMSDC is the longest-serving business growth engine for the broadest group of systematically excluded communities of color (Asian, Black, Hispanic, and Native American), and our impact goes well beyond the supply chain. It is about upward mobility for the emerging majority of Americans, an equal chance to participate in the American experiment of free market capitalism and entrepreneurship. Our job is to correct the unequal access to wealth creation opportunities. For more information, please visit www.nmsdc.org.


        
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