DeLauro, Commerce Announce Nearly $100 Million to Expand Opportunities for Minority Businesses
Chair of the House Appropriations Committee Rosa DeLauro (CT-03) today announced the launch of the Capital Readiness Program grant competition with the U.S. Department of Commerce. This program would dedicate $93.5 million to help minority and other underserved entrepreneurs launch and scale their businesses.
“The new program launched by U.S. Department of Commerce Secretary Raimondo will help provide resources and tools, like childcare, that will help more people from underrepresented backgrounds launch and scale businesses,” said Chair DeLauro. “I know how essential supporting diversity is to a thriving society and economy.I want to applaud Secretary Raimondo for leading the charge to expand opportunity to minority-owned businesses and will work to support this important work in the Congress.”
The Capital Readiness Program 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, infrastructure, and more.This program, administered by the Minority Business Development Agency, marks the largest program of its kind in the history of the Commerce Department.
Businesses owned by women of color represent one of the fastest growing sectors in the economy. However, structural barriers persist, preventing many women from starting their own businesses and accessing capital, childcare solutions, and peer networks. The Capital Readiness Program will provide the curriculum, tools, and resources to minority entrepreneurs to access capital and funding, and connect them to subject matter experts, vendors and peer support to help start or scale their business.
For more information on the program and to register for the pre-application webinars, visit www.MBDA.gov.