Feds provide $1.5 million to aid minority businesses

Minority businesses in Tacoma could receive a leg up from a $1.5 million U.S. Department of Commerce grant.

With the money, allocated over five years, Tacoma will open a Minority Business Development Agency Business Center. The city of Tacoma partnered with Tacoma Community Redevelopment Authority, Bates Technical College and World Trade Center Tacoma.

The money will be used to help minority-owned businesses receive technical assistance and business development services.

“We encourage firms to take advantage of the services we have available to help them expand globally,” said City Manager T.C. Broadnax in a news release. “This includes access to Washington’s local and international trade experts, funding assistance programs, and market research tools geared towards making international trade easier for MBE firms.”

In Washington, there are 92,807 minority-owned companies that contribute more than $54.6 billion annually in economic output. These companies employ more than 143,000 local residents.

This story was originally published May 10, 2016 at 5:59 PM with the headline "Feds provide $1.5 million to aid minority businesses."