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David Hinson, president and CEO of Wealth Management Network Inc., was named the new administrator of the Minority Business Development Agency (MBDA). The agency is the only federal agency created specifically to foster the establishment and growth of minority-owned businesses in the U.S.
“The success of minority-owned businesses is essential to our economic recovery, and I’m counting on David to maximize their opportunities,” said U.S. Commerce Secretary Gary Locke, who announced Hinson’s appointment.
The MBDA provides one-on-one workshops and business consulting services for minority businesses to help educate them about federal opportunities, including those related to the American Recovery and Reinvestment Act.
“I’m honored to accept this position and am committed to carrying out Secretary Locke’s priority of working with minority entrepreneurs who wish to grow their businesses and increase their capacity,” Hinson said. “This work better positions these companies to create jobs, improve local economies and expand operations into national and global markets.”
The MBDA recently held a two-day summit to gather input on the effectiveness of minority business enterprise programs and create a blueprint for government and private sector programs that will help minority businesses survive and thrive for the next 20 years.
In 2008, the MBDA negotiated more than $2 billion in contracts and capital for minority businesses. Over the past 40 years, MBDA has served more than 625,000 minority businesses and assisted in securing more than $25 billion in loans and bonding.
Wealth Management Network is a multimillion dollar independent, financial advisory firm. Prior to launching Wealth Management Network, Hinson managed a 10-state sales region as Director of Advisory Services for Envestnet Asset Management, a $70 billion financial advisory firm.
Hinson has provided on-air financial commentary the Black Enterprise Business Report, CNN, and CBS News and has written personal wealth analyses for Black Enterprise magazine.