By Rosalind Tyler
New Journal and Guide
The Biden administration recently announced plans to invest $125 million in grants to non-profit and community-based organizations to help small businesses in underserved communities.
Forty-three businesses in underserved communities will receive federal funds from the Capital Readiness Program, a $125 million technical assistance program that helps underserved entrepreneurs grow and scale their businesses. The awardees will launch and operate business incubators or accelerators designed to prepare underserved entrepreneurs to secure capital from the historic $10 billion State Small Business Credit Initiative (SSBCI) and other capital sources.
“The purpose of the Capital Readiness Program is to provide every American entrepreneur an equitable shot at building a successful business,” said Donald R. Cravins, Jr., Under Secretary of Commerce for Minority Business Development, in a recent statement.
“The Biden Administration is investing $10 billion to support small businesses and empower them to access the capital needed to invest in job-creating opportunities,” Cravins said. “Through the Capital Readiness Program, MBDA will prepare socially and economically disadvantaged entrepreneurs to take advantage of this historic funding opportunity.”
The Capital Readiness Program is funded by the Department of Treasury’s State Small Business Credit Initiative (SSBCI) and was reauthorized under the American Rescue Plan Act of 2021. The Capital Readiness Program awardees will join MBDA’s National Network of 88 business centers and other projects that provide technical assistance and business support services to minority business enterprises.
Announcing the new funds, Vice President Kamala Harris said in a recent statement, “When President Biden and I took office, we decided to invest in the working people of America to make sure that every person in America, not just the wealthy or well-connected, have the opportunity to thrive. All that, ladies and gentleman and everyone else, that is called Bidenomics.”
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