Minority Business and Economic Development Act - Establishes within the Small Business Administration a Bureau of Minority Business and Economic Development. Creates the position of Director for the Bureau of Minority Business and Economic Development. Sets forth the functions of the Bureau including the coordination of efforts of other Federal departments, establishment of goals, and implementation of financial and nonfinancial services which may affect minority business enterprises and the collection and dissemination of information useful for the undertaking and promoting of minority businesses.

Directs the Bureau to submit an annual report of the activities under this Act to the President and Congress.

Authorizes the Office of Advocacy, Small Business Administration, to make recommendations and evaluations in coordination with the Bureau.

Establishes the position of Deputy Associate Administrator whose primary responsibility shall be the expediting of financial resources to minority small business concerns by the Small Business Administration.

Authorizes to be appropriated for five years such sums as may be necessary to carry out the provisions of this Act.