Gina Raimondo, Secretary of the US Department of Commerce, along with Deputy Secretary of Commerce for this … [+]
Today, the US Department of Commerce Secretary Gina Raimondo announced the launch of the Capital Readiness Program Grant Competition, which will allocate $93.5 million to help minority entrepreneurs and other underserved entrepreneurs grow and scale their businesses. The Grant Competition – the largest of its kind in the history of the Commerce Department – will be administered by the Minority Business Development Agency (MBDA), which is headed by the First Secretary of Commerce for Minority Business Development, Don Cravins.
Last November, the Bipartisan Infrastructure Deal made the MBDA a permanent agency, appointed Secretary of State Cravins as the first permanent head of the agency, and made this kind of effort possible. The MBDA is uniquely positioned as the only federal government agency dedicated solely to supporting minority-owned businesses, enterprises, and entrepreneurs and helping them overcome the barriers to economic success that many women and minority communities across the country continue to face. faced.
The Capital Readiness Program is led by Secretary Raimondo and Secretary of State Cravins, who have made access to capital and resources for women and minority owners a top priority since joining the Department of Commerce. While announcing the program, Secretary of State Cravins stressed that inequality remains a problem for women and entrepreneurs of color when it comes to accessing capital. He made it clear that one of the main goals of the program is to boost underserved communities that have the ability to thrive but lack the investment to do so.
“The Capital Readiness Program will open doors for entrepreneurs,” Secretary of State Cravins said. “The biggest obstacle for underprivileged entrepreneurs, especially entrepreneurs of color, is access. MBDA can effectively launch the initiative to help entrepreneurs start and develop their businesses, access capital through the Treasury Department’s SSBCI Capital Program, and access networks that understand and address the unique challenges faced by minority entrepreneurs and other disadvantaged entrepreneurs face.
In addition to direct investment, the Capital Readiness program will focus on providing much-needed expert training to underserved communities so they can start or scale their businesses in competitive industries. The program will provide funding to incubators and accelerators across the country who have the experience and knowledge to help and educate minority and other underserved entrepreneurs seeking resources, tools and technical assistance in high-growth industries such as healthcare, technology and infrastructure.
Women and minority-owned businesses face unique challenges that the program seeks to address. One key area they traditionally struggle with is accessing industry connections that are critical to the growth of a business network. The program empowers underserved businesses to connect with subject matter experts, vendors, and peer support so they can build the connections that weren’t so easily accessible to them.
Another crucial issue the program aims to address is the provision of resources for childcare. Businesses owned by women of color represent one of the fastest growing sectors in the economy, but the lack of affordable childcare is an ongoing problem they face. The childcare solutions offered by the Capital Readiness Program Grant Competition work to combat these issues, helping them avoid being forced to sacrifice their business needs while balancing work and personal life.
“This new program reflects the continuation of President Biden and the Department of Commerce
historic dedication to underserved entrepreneurs and entrepreneurs,” Secretary Raimondo said. “During the pandemic, women and minority-owned businesses and entrepreneurs were among the hardest hit, often without the resources they needed to keep their doors open. We can’t let this happen again. That is why the Capital Readiness Program prioritizes and encourages resources and tools, such as childcare, that enable more people to start and scale businesses.”
The MBDA will provide information and plans to host several webinars in January 2023 where business owners can learn more about the Capital Readiness Program.
Janice has been with businesskinda for 5 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider businesskinda team, Janice seeks to understand an audience before creating memorable, persuasive copy.