The City of Albuquerque has won a $1.875 million grant from the U.S. Department of Commerce Minority Business Development Agency (MBDA), which will help support the New Mexico MBDA Business Center, an important resource in the community.
The goal of the grant is to help minority-owned businesses become established as well thrive.
"In Albuquerque, 60% of small businesses are minority-owned, so this grant is an investment in the heart of our economy and is fundamental to accelerating our city’s post-pandemic recovery. We are committed to creating opportunities for businesses and families, part of which means promoting an entrepreneurial ecosystem with equity and inclusion at its core,” Mayor Tim Keller said in a press release.
The Business Center has been in operation since December 2020 and is run in cooperation with the City of Albuquerque's Economic Development Department.
The grant will be distributed over a five-year period ending on June 30, 2026. This grant will be disbursed without issue so long as performance standards are met and congressional appropriations are made, according to the release.
The MBDA Business Center has no geographical constraints on the center’s service but rather focuses on local economic impact through sectors of space technology, film and digital media, as well as directed energy, smart tech and bioscience.