The U.S. Department of Transportation is helping small businesses owned by minorities, women and other socially and economically disadvantaged individuals.
The plan includes two new measures to help disadvantaged entrepreneurs, workers and businesses by creating economic opportunities that ultimately will help in building generational wealth, according to a Jan. 17 Federal Highway Administration news release.
“It’s critical that the historic infrastructure investments we are making reach the places and people who need them the most,” Transportation Secretary Pete Buttigieg said in the release. “The resources announced today help ensure that a fair share of the contracts and investments go to historically disadvantaged workers, businesses and communities so they can build generational wealth.”
Resources include new guidance to support state investments in workforce development, training and education, as well as $10 million to support small businesses owned by women, minorities and other socially and economically disadvantaged individuals, the release reported.
“To realize the potential of President Biden’s Bipartisan Infrastructure package, we must both provide disadvantaged businesses a chance to grow and train a workforce that meets tomorrow’s challenges," Federal Highway Administrator Shailen Bhatt said in the release.
The $10 million expenditure will be allocated to 47 state departments of transportation through the 2022 Disadvantaged Business Enterprise Supportive Services Program, the release reported. Ranging from $50,000 to almost $1 million in financial aid, states will be helped in providing training and business development services for eligible small businesses, which improves their capability to compete as prime contractors on federally-assisted contracts.
