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Commerce launches $100 million Capital Readiness Program for underserved entrepreneurs

January 05, 2023

The U.S. Department of Commerce recently launched the Capital Readiness Program grant competition, which will provide $93.5 million to help minority and other underserved entrepreneurs grow and scale their businesses and be administered by the Minority Business Development Agency.

The program will provide funding to incubators, accelerators and other eligible organizations 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. MBDA’s Capital Readiness Program is funded by the Department of Treasury’s State Small Business Credit Initiative (SSBCI), and is intended to serve entrepreneurs and businesses that are applying, have applied, or plan to apply to SSBCI or other government programs that support small businesses.

More information about the program is available here and MBDA will be hosting a series of three pre-application webinars beginning on Jan. 10 at 2 p.m. EST. Register here.

dept of commerce, mbda, funding opportunity, grants, capital, entrepreneurship