The 17th Annual Economic Development Forum (EDF) hosted a powerful conversation between Joann Hill, Director of the Office of Customer Experience at the Minority Business Development Agency (MBDA), and Jozelle Booker, CEO of the MMBC Continuum, the organization behind the event.
Their discussion centered on strategies for growing minority-owned businesses, the importance of strategic partnerships, and how to leverage federal opportunities for business expansion.
The MMBC Continuum has been a transformative force in the Memphis business community, helping minority businesses secure over $100 million in contracts in the past year. Booker, known for her leadership and expertise, emphasized the importance of these partnerships and highlighted the crucial role local businesses play in the national economy.
“We talk a lot about building bridges, but it’s also about being prepared to cross those bridges when the opportunity arises,” Booker said, urging businesses to think beyond local markets. “You can’t just look at Memphis; you have to expand across state lines and even internationally. The world is your marketplace, and MMBC is here to help you get there.”
Hill added to this, outlining how the MBDA is the only federal agency dedicated solely to fostering the growth of minority and disadvantaged businesses.
“Our role is to create pathways for businesses to compete globally, not just locally,” Hill said. “Through partnerships with public and private sectors, like the one we have with MMBC, we ensure businesses have the resources they need to scale.”
Hill highlighted key partnerships with organizations such as Amazon and FedEx, which help businesses distribute products globally, and the U.S. Department of Defense, which provides contracting opportunities. She also announced a new joint initiative with the U.S. International Trade Administration to assist businesses in expanding internationally without needing a physical presence overseas.
Booker, a dynamic leader, emphasized that while securing contracts is vital, businesses must also focus on capability and readiness. She underscored the importance of industry-specific certifications, such as ISO or Lean Six Sigma, which elevate a business’s credibility and competitive advantage.
“Certifications are essential,” Booker said. “Whether you’re looking to work with corporate America or the federal government, having the right certifications is a must.”
One of the key points Hill emphasized was the MBDA’s vast national network of resources.
“We have 131 business centers across the country, including 41 focused on business growth and 43 capital readiness programs,” Hill said. “These centers are designed to help businesses access everything from startup capital to venture capital, providing them with the financial support needed to scale effectively.”
Hill also said that the business centers can help smaller businesses connect across state lines to go after larger contracts that they would be too small to handle on their own.
The MBDA also offers specialized centers focused on exports, advanced manufacturing, and federal procurement, ensuring minority businesses have tailored support for growth in a variety of sectors.
Booker and Hill both stressed the importance of businesses being prepared for the future. Hill discussed how federal initiatives like Executive Order 1395, which mandates a 50% increase in federal spending with underserved businesses by 2025, open up significant opportunities.
This is especially relevant with the influx of funding from the Bipartisan Infrastructure Law, which allocates more than a trillion dollars for projects in areas like construction, transportation, and technology.
“Don’t think small,” Booker encouraged the audience. “Memphis is important, but so is your role in the global economy. The MBDA and MMBC Continuum can help you not only secure these contracts but also ensure you are prepared to succeed in them.”
Hill echoed these sentiments, adding that businesses must be “future ready.” She urged minority business owners to explore emerging markets, including AI, space commerce, and the green economy.
“The green economy isn’t going anywhere,” Hill said, referencing partnerships with the U.S. Department of Energy and the Environmental Protection Agency. “Businesses that are prepared to engage in clean energy and sustainability are positioning themselves for long-term success.”
In line with this future-oriented thinking, Hill pointed out that many corporations are adopting a “triple bottom line” approach, which focuses not just on profitability but also on social and environmental impact.
“It’s no longer just about financial returns,” she said. “Corporations now want to know how their partnerships are benefiting communities. This is why being involved in community service and sustainability is crucial for businesses today.”
The conversation also delved into financial literacy and the importance of understanding cash flow and capital readiness. Booker highlighted MMBC’s role in ensuring businesses can grow sustainably.
“We don’t just help you secure contracts—we help you manage that growth so you don’t outgrow your financial capacity,” Booker said, reinforcing the importance of being able to access the right capital for expansion.
Hill concluded by encouraging attendees to explore the vast resources available through both the MBDA and MMBC.
“These are tools designed to help you grow your business, not just in Memphis but globally. Don’t let borders limit you—this is your time.”
