Raimondo And Cravins Announce Nearly 100 Million To Empower Minority Business

Today, U.S. Department of Commerce Secretary Gina Raimondo announced the launch of the Capital Readiness Program Grant Competition, which will dedicate $93.5 million to help minority 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 led by the first Under Secretary of Commerce for Minority Business Development, Don Cravins.

Last November, The Bipartisan Infrastructure Deal made the MBDA a permanent agency, established Under Secretary Cravins as the first permanent head of the agency, and has made efforts like this possible. The MBDA is uniquely situated 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 continue to face across the country.

The Capital Readiness Program is being spearheaded by Secretary Raimondo and Under Secretary Cravins, who have put equity in access to capital and resources for women and minority-business owners as a top priority since taking office at the Department of Commerce. During the announcement of the program, Under Secretary Cravins emphasized that inequity remains an issue for women and business owners of color when it comes to getting access to capital. He made it clear one of the main goals of the program is to give underserved communities who have the ability to thrive, but lack the investment to do so, a boost.

“The Capital Readiness Program will open doors for entrepreneurs,” said Under Secretary Cravins. “The greatest obstacle facing disadvantaged entrepreneurs, especially entrepreneurs of color, is access. MBDA can effectively launch the initiative to help entrepreneurs start and develop their business, access capital through the Department of Treasury’s SSBCI Capital Program, and access networks that understand and address the unique challenges minority entrepreneurs and other underserved entrepreneurs face.”

In addition to direct investment, the Capital Readiness Program will aim to provide much needed expert training to underserved communities so that 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 assist and train minority and other underserved entrepreneurs seeking resources, tools, and technical assistance in high-growth industries such as healthcare, technology, and infrastructure.

Original source can be found here.