MBDA Announces Grant Competition to Fund Innovative Access Capital Project for Minority-Owned Businesses
Fri, 05/06/2022 – 08:23
WASHINGTON (May 5, 2022) — The U.S. Department of Commerce’s Minority Business Development Agency (MBDA) made a Broad Agency Announcement (BAA) to fund an innovative project addressing historical barriers to access capital faced by minority business enterprises (MBEs). MBDA plans to award one grant totaling $884,559 under this BAA.
“Here at the Department of Commerce, we have an obligation to create equitable economic conditions that empower our minority business community. Minority-owned businesses need access to capital to be empowered to succeed,” said Secretary of Commerce Gina Raimondo. “MBDA’s pioneering initiative will help remove systemic barriers to capital that stifle growth and post-pandemic recovery, and will fuel Commerce’s mission to create a strong, equitable economy for all Americans.”
MBDA is accepting applications from eligible organizations for projects addressing historical barriers to capital MBEs face by leveraging non-traditional financial resources, such as:
Minority Depository Institutions
Community Development Financial Institutions
Accelerated/Advance payment providers
Mobilization funding providers
Local, State lending programs
“Access to capital is one of the greatest obstacles minority-owned businesses face, due to historic inequities in America’s financing system,” said Miguel Estién, Acting National Director of the Minority Business Development Agency. “MBDA believes accessing untapped non-traditional financial sources can help solve the problem. However, this requires creative solutions. That’s why we are investing in an innovative project that will give minority-owned businesses the best shot at equity and success.”
The grant will be for a two-year term, funded annually. For the latest information on MBDA programs and announcements, please visit www.MBDA.gov.