WASHINGTON—U.S. Commerce Secretary Gary Locke announced the appointment of David Hinson, a St. Louis native with more than 20 years of business experience, as the new administrator of the Minority Business Development Agency (MBDA). This agency is the only federal agency created specifically to foster the establishment and growth of minority-owned businesses in the United States. Hinson is the first administrator with significant high-level finance and investment experience to head the agency. The appointment comes the day before President Barack Obama addresses the NAACP conference in New York, when a major topic is likely to be what specifically the Obama administration will do to enhance economic development in black neighborhoods.
“The success of minority-owned businesses is essential to our economic recovery, and I’m counting on David to maximize their opportunities,” Locke said.
MBDA, through its network of 48 minority business centers throughout the country, 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.”
In 2008, MBDA negotiated more than $2 billion in contracts and capital for minority businesses, yet the agency has been practically invisible among economic decisionmakers over the past decade. In 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.
Since MBDA’s creation in 1969, minority businesses have grown from 300,000 to nearly 4 million. Recent Census data indicates minority firms generate more than $661 billion in annual revenues and employ more than 4 million workers.
More information about Hinson is available below.
David A. Hinson Bio
Since 2002, David was President and CEO of Wealth Management Network, Inc., a multi-million dollar independent, financial advisory boutique. Prior to launching Wealth Management Network, David managed a 10-state sales region as Director of Advisory Services for Envestnet Asset Management, a $70 billion financial advisory firm. In his capacity, David advised high-end advisors in asset allocation, portfolio construction, technology, and product implementation. He also served as Managing Director of Business Development for the company. In addition, David has held a variety of senior-level and mid-management positions at Bank of America, Morgan Stanley & Company, First Chicago Bank (now JP Morgan Chase) and the Village Foundation.
David received an MBA in finance from The University of Pennsylvania Wharton School, and a bachelor’s degree in insurance and finance with honors from Howard University in Washington, D.C. In addition, he completed a fellowship in international finance with honors from the Stockholm School of Economics and completed graduate-level studies in French with honors at the University of Abidjan, in the Ivory Coast West Africa.
David is a member of a number of civic organizations including a member of the Board of Directors, Treasurer and Chair of the Audit Committee of the Council of Urban Professionals (CUP) in New York.
David currently resides in Philadelphia, Pa