The U.S. Small Business Administration announced Monday that it has extended its partnership with the Minority Business RoundTable to continue outreach opportunities to minority entrepreneurs.

This alliance is part of ongoing efforts on the part of the SBA to encourage small businesses to grow in underserved communities. The agreement with MBRT allows the organizations to share resources and educate minority entrepreneurs on better business practices and other SBA services they can use.

"The Urban Institute recently conducted a study that found that women and minority-owned businesses are three to five times more likely to be approved for an SBA-backed loan than a conventional loan. We know that providing lending and access to federal contracts to minority businesses can lift up entire communities," SBA Administrator Maria Contreras-Sweet said. "I'm determined to get more loans and federal contracts into the hands of entrepreneurs who reflect the diversity of America."

During the 2014 fiscal year, 15,620 minority-owned business loans were approved by the SBA, totaling $6.5 billion. These minority-owned businesses account for roughly 28 percent of the agency's overall lending clients and 12.9 percent of its microloans. Also during the last fiscal year, there was a significant increase in the number of SBA loans made to African Americans, growing by 36 percent, while there was a 14 percent for Hispanics and women, respectively.

Federal contracts continued to be awarded to minority-owned businesses considered Small Disadvantaged Businesses, some worth billions of dollars of goods or services. During the fiscal year 2013, the federal government exceeded its own goal of giving 5 percent of contracting dollars to SBDs, reaching 8.61 percent which equates to $30.6 billion.

The two-year partnership agreement is a renewal between the SBA and MBRT which started working together in 2010.

Working in unison, the SBA will provide timely information from the agency on its services and programs, as well as participate in conferences and other advisory events. MBRT will help with pooling resources and provide members with information about its own business development services.