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The Minority Business Development Agency (MBDA) named a new administrator today appointed by US Commerce Secretary Gary Locke. David Hinson is the president and CEO of Wealth Management Network Inc., a multimillion dollar financial advisory firm.
The MBDA is the only federal agency set up to specifically encourage the establishment and growth of minority-owned businesses nationwide. Last year, the agency negotiated $2 billion in capital and contracts for minority-owned businesses. Hinson's primary responsibility will be to continue to promote entrepreneurship opportunities for minorities and foster growth of existing minority-owned small businesses.
According to the MBDA website, minority businesses generate more than $661 billion in annual revenue and employ nearly five million workers.
With Hinson's experience in the financial industry, having formerly worked at both Bank of America and Morgan Stanley, his appointment is promising for the agency as he carries cachet and respect among his peers.
At a time when the economy is proving even more exacting for minorities, with many having stalled on their business plans in the absence of credit, Hinson's plan of action will be essential in generating employment, entrepreneurship and getting lines of credit running again.
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