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&lt;p&gt;&lt;font face=&quot;Arial&quot; size=&quot;2&quot;&gt;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.&lt;/font&gt;&lt;/p&gt;&lt;p&gt;&lt;font face=&quot;Arial&quot; size=&quot;2&quot;&gt;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&#39;s primary responsibility will be to continue to promote entrepreneurship opportunities for&amp;nbsp;minorities&amp;nbsp;and foster growth of existing minority-owned small businesses. &lt;/font&gt;&lt;/p&gt;&lt;p&gt;&lt;font face=&quot;Arial&quot; size=&quot;2&quot;&gt;According to the MBDA website, minority businesses generate more than $661 billion in annual revenue and employ nearly five million workers. &lt;/font&gt;&lt;/p&gt;&lt;p&gt;&lt;font face=&quot;Arial&quot; size=&quot;2&quot;&gt;With Hinson&#39;s experience in the financial industry, having&amp;nbsp;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. &lt;/font&gt;&lt;/p&gt;&lt;p&gt;&lt;font face=&quot;Arial&quot; size=&quot;2&quot;&gt;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&#39;s plan of action will be essential in generating employment, entrepreneurship and getting lines of credit running again. &lt;/font&gt;&lt;/p&gt;

Aman Singh Das

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