TVA, U.S. Department of Commerce to Form Partnership Supporting Minority Economic Development
May 16, 2002
NASHVILLE, Tenn. – TVA and the U.S. Department of Commerce’s Minority Business Development Agency will establish a partnership to support disadvantaged and minority businesses in the Tennessee Valley.
The partnership will build on the financial strengths of the Valley Coalition, a technical assistance and lending alliance established by TVA and eight Tennessee Valley financial institutions.
The TVA Board will sign a resolution creating the partnership on May 17 during the Seventh Annual Black Enterprise Magazine/Microsoft Entrepreneurs Conference. TVA is co-sponsor of the May 16-18 event at the Opryland Hotel in Nashville.
“We’re pleased to form a strategic partnership with the Minority Business Development Agency to promote sustainable economic development in the Tennessee Valley,” said TVA Chairman Glenn McCullough Jr. “This agreement will significantly enhance our ability to provide the assistance that small and disadvantaged businesses need to grow and develop their competitive edge.”
Working with MBDA, TVA will build a technical assistance network to support Valley Coalition loan applicants. MBDA has extensive online business development resources, including market research and databases for matching qualified firms with available business opportunities.
Through the cooperative arrangement with TVA, MBDA can access TVA’s portfolio of economic development and procurement products, which includes a diverse package of loans and technical services designed to stimulate capital investment and encourage the creation of new and quality jobs.
“Strategic partnerships are key in enhancing opportunities for minority businesses and creating an environment where wealth can be achieved, “said Ronald Langston, National Director of MBDA. “We at MBDA are pleased that TVA can join us in assuring the continued prosperity of minority business enterprises.”
MBDA provides information and technical assistance to existing and prospective minority entrepreneurs through Minority Business Development Centers, Minority Business Opportunity Centers, Business Resource Centers, and with other strategic partners throughout the United States.
TVA is the nation’s largest public power producer, and its power system is self-financed. TVA provides power to large industries and 158 power distributors that serve 8.3 million consumers in seven southeastern states.
Media Contact:
Anthony Hicks, Memphis (901-577-2606) or TVA News Bureau, Knoxville (865-632-6000)
