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Commerce Dept Unveils Funding Opportunity for Entrepreneurship Support Programs

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The Department of Commerce (DOC) has introduced a $25 million grant competition that seeks to help entrepreneurs mitigate economic, health and safety risks brought by the COVID-19 pandemic.

The department said Wednesday that it will award grants to entrepreneurship support programs that will assist various regions and communities in the U.S. under the Scaling Pandemic Resilience through Innovation and Technology challenge.

Wilbur Ross, secretary at the Commerce Department, said the government has to build supply chains and technologies to augment support networks and resources for entrepreneurs and respond to the pandemic.

Ross added the Economic Development Administration received $1.5 billion in funds through the Coronavirus Aid, Relief, and Economic Security (CARES) Act to assist communities prepare and respond to any effects caused by the spread of Coronavirus.

According to the Commerce Department, EDA has earmarked $805.3 million to support over 780 recovery assistance projects.