Minority Business Development Agency Capital Readiness Program Fact Sheet<\/a><\/p>\n\n\n\n WASHINGTON, D.C., \u2013 Today, Vice President Harris announced the recommended awardees for the MBDA Capital Readiness Program. The Capital Readiness Program is a $125 million technical assistance program to help underserved entrepreneurs grow and scale their businesses. Once final awards are made, 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.<\/p>\n\n\n\n The launch of the Capital Readiness Program marks a monumental milestone for MBDA, following the Agency\u2019s enactment as a permanent Federal Agency in November 2021 as part of President Biden\u2019s Bipartisan Infrastructure Law.<\/p>\n\n\n\n \u201cThe Capital Readiness Program marks the largest investment to support underserved entrepreneurs and businesses in Commerce Department history,\u201d said U.S. Secretary of Commerce Gina Raimondo. \u201cThe Biden Administration continues to make historic investments in building a strong, equitable economy, including by supporting our Nation\u2019s small and disadvantaged businesses. The Capital Readiness Program will provide the resources and tools to prepare businesses to access capital and funding, and ensure prosperity is within reach for all American entrepreneurs.\u201d<\/p>\n\n\n\n \u201cThe investments through the State Small Business Credit Initiative and the Capital Readiness Program are helping fuel a small business boom by providing small businesses and entrepreneurs the resources they need to succeed,\u201d said Deputy Secretary of the Treasury Wally Adeyemo. \u201cToday’s announcement is an important step toward helping to unlock the potential of entrepreneurs in underserved communities across the nation who may have otherwise never had the support needed to pursue their business ideas and ambitions.\u201d<\/p>\n\n\n\n MBDA\u2019s Capital Readiness Program is funded by the Department of Treasury\u2019s State Small Business Credit Initiative (SSBCI) and was reauthorized under the American Rescue Plan Act of 2021. SSBCI is a nearly $10 billion fund designed to drive new investment and capital to small businesses across America. SSBCI provides funding to states, the District of Columbia, territories, and Tribal governments to promote entrepreneurship, increase access to capital, and help businesses grow\u2014especially in traditionally underserved communities. <\/p>\n\n\n\n MBDA is the only federal government agency dedicated solely to supporting the growth and global competitiveness of minority business enterprises. The Capital Readiness Program awardees will join MBDA\u2019s National Network of 88 business centers and other projects that provide technical assistance and business support services to minority business enterprises.<\/p>\n\n\n\n \u201cThe purpose of the Capital Readiness Program is to provide every American entrepreneur an equitable shot at building a successful business,\u201d said Donald R. Cravins, Jr., Under Secretary of Commerce for Minority Business Development. \u201cThe Biden Administration is investing $10 billion to support small businesses and empower them to access the capital needed to invest in job-creating opportunities. Through the Capital Readiness Program, MBDA will prepare socially and economically disadvantaged entrepreneurs to take advantage of this historic funding opportunity. Once final awards are made, the 43 Capital Readiness Program awardees will join MBDA\u2019s already robust National Network of business and specialty centers, giving our Agency and the Department of Commerce greater reach and influence in helping to create an economy that works for all businesses.\u201d <\/p>\n\n\n\n The above-referenced applications are being recommended for funding. This announcement does not constitute an authorization to start a project and is not a guarantee of funding. A Grants Officer will notify successful applicants in a written Award Notice when such applicants have been selected for an award, at which point the approval and obligation of funds for the above-referenced applications will become final. To see the locations, awardees, and amounts for the recommended awards under the Capital Readiness Program, and for more information on the recommended awardees and the program itself, visit www.mbda.gov<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Biden-Harris Administration Announces Competition Winners for the Minority Business Development Agency\u2019s Capital Readiness Program The…<\/p>\n","protected":false},"author":2,"featured_media":3410,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[8],"tags":[187,188,186,189],"class_list":["post-3409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-your-world-your-community-your-source","tag-biden-harris-administration-announces-competition-winners-for-the-minority-business-development-agencys-capital-readiness-program","tag-capital-readiness-program","tag-minority-business-development-agency","tag-state-small-business-credit-initiative"],"featured_image_urls":{"full":["https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-04-at-5.33.47-PM.png?fit=1668%2C638&ssl=1",1668,638,false],"thumbnail":["https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-04-at-5.33.47-PM.png?resize=150%2C150&ssl=1",150,150,true],"medium":["https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-04-at-5.33.47-PM.png?fit=300%2C115&ssl=1",300,115,true],"medium_large":["https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-04-at-5.33.47-PM.png?fit=640%2C245&ssl=1",640,245,true],"large":["https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-04-at-5.33.47-PM.png?fit=640%2C245&ssl=1",640,245,true],"1536x1536":["https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-04-at-5.33.47-PM.png?fit=1536%2C588&ssl=1",1536,588,true],"2048x2048":["https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-04-at-5.33.47-PM.png?fit=1668%2C638&ssl=1",1668,638,true],"newsium-slider-full":["https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-04-at-5.33.47-PM.png?resize=1280%2C638&ssl=1",1280,638,true],"newsium-featured":["https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-04-at-5.33.47-PM.png?fit=1024%2C392&ssl=1",1024,392,true],"newsium-medium":["https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-04-at-5.33.47-PM.png?resize=720%2C475&ssl=1",720,475,true]},"author_info":{"display_name":"Admin","author_link":"https:\/\/ournewsmag.com\/index.php\/author\/admin\/"},"category_info":"OUR NEWS<\/a>","tag_info":"OUR NEWS","comment_count":"0","jetpack-related-posts":[{"id":1148,"url":"https:\/\/ournewsmag.com\/index.php\/2022\/07\/22\/1148\/","url_meta":{"origin":3409,"position":0},"title":"Funding for Veterans","author":"Admin","date":"July 22, 2022","format":false,"excerpt":"Funding Opportunity to Provide Entrepreneurship Training to Service-Disabled Veterans WASHINGTON\u00a0\u2013 Today, the\u00a0U.S. Small Business Administration\u00a0announced a new funding opportunity for eligible non-profit organizations, state and local government agencies, private sector firms, and institutions of higher learning to provide entrepreneurship training to service-disabled veterans. The awarded organization(s) can use the funding\u2026","rel":"","context":"In "OUR BUSINESS"","block_context":{"text":"OUR BUSINESS","link":"https:\/\/ournewsmag.com\/index.php\/category\/our-business\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2022\/07\/startup-g09043f74d_640.jpg?fit=640%2C213&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2022\/07\/startup-g09043f74d_640.jpg?fit=640%2C213&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2022\/07\/startup-g09043f74d_640.jpg?fit=640%2C213&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":5942,"url":"https:\/\/ournewsmag.com\/index.php\/2024\/06\/10\/sba-to-host-2024-business-awards\/","url_meta":{"origin":3409,"position":1},"title":"SBA to Host 2024 Business Awards","author":"Admin","date":"June 10, 2024","format":false,"excerpt":"\u00a0\u00a0\u00a0Several Pine Belt entrepreneurs will be celebrated by The U.S. Small Business Administration (SBA) Mississippi District Office 11:30 a.m., Tuesday, June 25, 2024. Three of the 10 awardees are from the Pine Belt, and one from Smith County.\u00a0\u00a0\u00a0Wholly Fire Foods, owned by James and Doris Louis, is named the Minority\u2026","rel":"","context":"In "OUR BUSINESS"","block_context":{"text":"OUR BUSINESS","link":"https:\/\/ournewsmag.com\/index.php\/category\/our-business\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-12-at-12.14.00%E2%80%AFPM.png?fit=1200%2C1015&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-12-at-12.14.00%E2%80%AFPM.png?fit=1200%2C1015&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-12-at-12.14.00%E2%80%AFPM.png?fit=1200%2C1015&ssl=1&resize=525%2C300 1.5x, 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NEWS"","block_context":{"text":"OUR NEWS","link":"https:\/\/ournewsmag.com\/index.php\/category\/your-world-your-community-your-source\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/06\/LizTonystandingIMG_9652-scaled-e1686071234546.jpeg?fit=853%2C652&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/06\/LizTonystandingIMG_9652-scaled-e1686071234546.jpeg?fit=853%2C652&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/06\/LizTonystandingIMG_9652-scaled-e1686071234546.jpeg?fit=853%2C652&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/06\/LizTonystandingIMG_9652-scaled-e1686071234546.jpeg?fit=853%2C652&ssl=1&resize=700%2C400 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Schedule\u00a0 WASHINGTON\u00a0\u2013Today,\u00a0Administrator Isabella Casillas Guzman,\u00a0head of the\u00a0U.S. Small Business Administration (SBA)\u00a0and the voice for America\u2019s 33\u2026","rel":"","context":"In "OUR NEWS"","block_context":{"text":"OUR NEWS","link":"https:\/\/ournewsmag.com\/index.php\/category\/your-world-your-community-your-source\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2022\/07\/Screen-Shot-2023-06-06-at-12.32.04-PM-e1686073069322.png?fit=1122%2C346&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2022\/07\/Screen-Shot-2023-06-06-at-12.32.04-PM-e1686073069322.png?fit=1122%2C346&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2022\/07\/Screen-Shot-2023-06-06-at-12.32.04-PM-e1686073069322.png?fit=1122%2C346&ssl=1&resize=525%2C300 1.5x, 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an executive order to the federal government to model diversity, equity, inclusion, and accessibility (DEIA), a global\u2026","rel":"","context":"In "OUR NEWS"","block_context":{"text":"OUR NEWS","link":"https:\/\/ournewsmag.com\/index.php\/category\/your-world-your-community-your-source\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/10\/ABHOfficialportrait.jpg?fit=618%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/10\/ABHOfficialportrait.jpg?fit=618%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/ournewsmag.com\/wp-content\/uploads\/2023\/10\/ABHOfficialportrait.jpg?fit=618%2C800&ssl=1&resize=525%2C300 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