Commerce Department Launching New Funding Opportunity for Minority Businesses

More than $93 million in federal funding is now being made available for minority entrepreneurs to both launch and maintain their businesses.

The grant funding is coming through the Capital Readiness Program under the auspices of the Department of Commerce and is thought to be the largest program of its kind ever administered by the agency.

In a statement, Gina Raimondo, Secretary of the Commerce Department, noted that the program is particularly geared for businesses that endured hardships during the pandemic. “Women and minority-owned businesses and entrepreneurs were among the hardest hit, often lacking the resources they needed to keep their doors open,” said Raimondo.

By design, the program is intended to provide the tools for minority businesses to access needed capital and funding, while also connecting them to business experts, vendors, and peer support.

The Capital Readiness Program is placing an emphasis on providing advice for minority businesses attempting to receive funding from the State Small Business Credit Initiative, which assists new and growing businesses in traditionally underserved communities.
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In a move to provide more information about the credit for would-be applicants, a series of webinars sponsored by the Minority Business Development Agency will be conducted on January 10, 17, and 24.

By Garry Boulard

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