Commerce Department Launches $93.5M Grant Program to Support Underserved Businesses; Donald Cravins Jr. Quoted

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The Department of Commerce is giving away $93.5 million in grants to support services for minority and other underserved businesses as part of its new Capital Readiness Program.

DOC announced Wednesday that its Minority Business Development Agency launched the grant competition in search of business incubators and accelerators who can aid women, minority and disadvantaged entrepreneurs in launching or growing their business.

The awardees will provide technical assistance, training, tools and resources to the target business owners in sectors such as health care, climate resilient technology, asset management and infrastructure. Incentives will be given to proposals that address socioeconomic challenges, including child care for women in the workplace.

The program will also help the entrepreneurs get capital and financing through the Department of Treasury, as well as connections to subject matter experts, vendors and networks, said MBDA Undersecretary Donald Cravins, Jr.

The agency will hold pre-application webinars on Jan. 10, 17 and 24 for eligible private sector entities, educational institutions, non-profit organizations and consortia.

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