QUICK FACTS
$125 million investment in support of minority and other underserved entrepreneurs.
Incubators for innovators to launch new companies and accelerators for the growth of existing businesses.
CRP awardees will operate with the goal of making their participants “finance ready” for debt and equity investments and other government programs.
Services will be available nationwide and provided through 43 award recipients.
UPDATE as of September 13, 2023
MBDA received more than 1,000 applications for only 43 awards under the Capital Readiness Program. This is a historic number of applications for the Capital Readiness Program. Unfortunately, that means many high-quality applications were not able to be funded. While MBDA will not provide individualized feedback to unsuccessful applicants, later this year we will host a post-competition debriefing webinar for applicants. The webinar will be recorded and available on the MBDA website once held.
Please continue to monitor the MBDA website for information and updates. For any additional questions about the program, please email CRPCompetition@mbda.gov. We appreciate your patience and your interest in MBDA and the Capital Readiness Program.
The Minority Business Development Agency Announces Capital Readiness Program
The Minority Business Development Agency Announces Recommended Awardees for the Capital Readiness Program
MBDA’s Capital Readiness Program (CRP) 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. CRP is a $125 million technical assistance program to help minority and other underserved entrepreneurs grow and scale their businesses.
The launch of the Capital Readiness Program marks a monumental milestone for MBDA, following the Agency’s enactment as a permanent Federal Agency in November 2021 as part of President Biden’s Bipartisan Infrastructure Law.
Once final awards are made, CRP awardees will launch and operate business incubators or accelerators designed to prepare minority and other underserved entrepreneurs to secure capital from the $10 billion State Small Business Credit Initiative (SSBCI) and other capital sources.
Vice President Harris announced the MBDA Capital Readiness Program’s competition winners on August 4, 2023.
The spirit of entrepreneurship, where every individual with the desire and drive to build a business could have the opportunity to do so, is an important American value. MBDA seeks to make lasting changes for America's entrepreneurs through the MBDA Capital Readiness Program by helping to close the gaps in entrepreneurial opportunities and unleashing a new era of business growth for minority and other underserved entrepreneurs. Service models include early-stage technical assistance/incubators to help entrepreneurs launch their businesses, products, or services and emerging-business technical assistance/accelerators to provide guidance on growth and expansion.
PROGRAM PILLARS
- Capacity Building: Technical assistance services and curricula to assist with launching and developing scalable and investable businesses.
- Access to Capital: Technical assistance to apply for state SSBCI programs and/or other similar federal, state, or local government programs that promote American entrepreneurship and democratize access to startup capital across the country. Including the facilitation of investor meetings, pitches, demo days, crowdfunding, and other capital introduction events.
- Access to Networks: Resources and programs that help connect minority and other underserved entrepreneurs to a larger community of business mentors, coaches, service providers, subject matter experts and peers who understand and address specific challenges.
OBJECTIVES
The Capital Readiness Program will fund and build a geographically dispersed network of MBDA Capital Readiness technical assistance providers that help minority and other underserved entrepreneurs build the skills to:
- launch or scale existing businesses;
- access SSBCI capital and participate in other governmental programs that support small businesses;
- secure other forms of capital.