mbda

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 U.S. Department of Commerce’s Minority Business Development Agency (MBDA) awarded $3.7 million total in federal funding across nine grant recipients to establish MBDA Advanced Manufacturing Centers, Export Centers, and a Federal Procurement Center. The investment will assist minority business enterprises (MBEs) in generating capital, investing in new technologies, winning federal contracts and expanding the minority business footprint within the economy. The MBDA Advanced Manufacturing Centers and Export Centers each will receive $400,000 a year for five years and the MBDA Federal Procurement Center will receive $500,000 in each of the five years.