WASHINGTON, JUNE 4, 2021 – The U.S Department of Commerce and the Minority Business Development Agency (MBDA) are pleased to announce the opening of a major grant competition in connection with its Minority Business Enterprise Equity Multiplier Project.
“Systemic barriers to business capital and equity investments constitute the most significant hurdle to entrepreneurial equality,” said Edith Mc Cloud, Acting National Director of MBDA. “MBDA’s continuing support of the Minority Business Enterprise (MBE) Equity Multiplier Project has the potential to fill what amounts to a Grand Canyon between creative energy and business success for minority entrepreneurs.”
One grant of $300K will be awarded following the submission closing date of June 30, 2021, supporting a project with performance occurring in any of the fifty states, Washington, DC, or any United States Territory.
The purpose of this grant is to assist MBE’s with greater access to capital and provide technical assistance to MBEs. The goals of the Equity Multiplier Project include capacity building and venture capital readiness; increased access to equity and venture investment and investors; providing technical business services to MBEs, and job creation.