The U.S. Department of Commerce’s Minority Business Development Agency (MBDA) signed a Memorandum of Understanding (MOU) with the Federation Binational Chambers of Commerce (FEBICHAM), on Wednesday, September 11, 2024, at 2:00pm ET at the Herbert C. Hoover Building in Washington D.C.
This MOU helps both MBDA and FEBICHAM work to leverage their collective expertise and outreach to help Latin American and diaspora-minority business enterprises gain equitable access to loans and technical assistance; both of which are essential to their growth.
“We look forward to working closely with FEBICHAM to help provide the Latin American and Hispanic business communities, many of which are diaspora minority business enterprises with better, more equitable access to resources, including loans, technical assistance, and access to capital,” said Deputy Under Secretary Eric Morrissette. “At MBDA, we are confident this collaboration will do just that and provide a foundation that we can build off of to continue that support into the far future.”
In addition to Deputy Under Eric Secretary Morrissette, those in attendance at the MOU signing included former Venezuelan congressman turned-MBDA Special Counselor Leopoldo Martinez, FEBICHAM President Patricio Sepulveda, Chilean Ambassador to the United States, Ambassador Juan Gabriel Valdés, Minister Counselor of the Costa Rican Embassy in the United States, Jose Alberto Barrantes, Ambassador of Extraordinary and Plenipotentiary of the Republic of Paraguay to the United States, alongside chambers of commerce and attendees from Columbia, Venezuela, Peru and Mexico.
“The signing of the Memorandum of Understanding between MBDA and FEBICHAM is a key move to include and empower minority businesses enterprises in our Latin American diasporas,” said MBDA Special Counselor Leopoldo Martinez. “There is no better time or place to do so within’ this economy of opportunities, through our programs of access to capital, equity in government procurement and export promotion. In the latter space, we believe that diasporas have a competitive and cultural advantage to accelerate their international growth.”
As the driving force behind these negotiations for the economic empowerment of the Latin American diasporas and the Latino community, Special Counselor Martinez, states: “In the Biden Harris Administration, we are devoted to building an economy of opportunities. The Department of Commerce and MBDA are a key part of this strategy.”
He also highlights that the Memorandum of Understanding with FEBICHAM “is one of the key pieces to include empowering minority businesses of our Latin American diasporas in that economy of opportunity through our programs of access to capital, equity in government procurement and export promotion; in this last space we believe that diasporas have a competitive and cultural advantage that accelerates their international growth.”
The signing of this MOU coincides with the beginning of Hispanic Heritage Month on September 15th. National Hispanic Heritage Month is annually celebrated from September 15 to October 15 in the United States and recognizes the contributions and influence of Hispanic Americans to the history, culture, and achievements of the United States.
About the Federation Binational Chambers of Commerce in Miami (FEBICHAM):
The Federation Binational Chambers of Commerce (FEBICHAM) in Miami encompasses 13 binational and multinational chambers of commerce from diverse countries with the objective of promoting international commerce, cultural exchange, and business development among the nations represented and in the greater United States.
About the U.S. Minority Business Development Agency (MBDA):
The Minority Business Development Agency is the only Federal agency dedicated to the growth and competitiveness of U.S. minority business enterprises (MBEs). For more than 50 years, MBDA’s programs and services have better equipped MBEs to create jobs, build scale and capacity, increase revenues, and expand regionally, nationally, and internationally.