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January 08, 2023 | Tom Ballard

New funding opportunity announced to help minority, underserved entrepreneurs

Applications for nearly $100 million program due February 28

The U.S. Department of Commerce has launched the “Capital Readiness Program” grant competition that will award a total of $93.5 million to help minority and other underserved entrepreneurs grow and scale their businesses.

This program, administered by the Minority Business Development Agency (MBDA), marks the largest program of its kind in the history of the Commerce Department. It will provide funding to incubators and accelerators across the country, with expertise to assist and train minority and other underserved entrepreneurs seeking resources, tools, and technical assistance to start or scale their businesses in high-growth industries such as healthcare, climate resilient technology, asset management, and infrastructure.

The “Capital Readiness Program” is funded by the Department of Treasury’s State Small Business Credit Initiative (SSBCI) that was reauthorized under the American Rescue Plan Act of 2021.

MBDA is hosting webinars about the new initiative at 2 p.m. EST tomorrow (January 10) and the same time on the next two Tuesdays. More information about the program, for which applications are due February 28, and a link to register for one of the webinars can be found here.