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Small Business Center

Commerce Department Launches $93.5 Million in Grants to Help Minority and Underserved Entrepreneurs Grow Their Businesses

January 4, 2023

To help minority business owners start the year off strong, the U.S. Department of Commerce announced the launch of the Capital Readiness Program grant competition, which dedicates $93.5 million to help minority and other underserved entrepreneurs grow and scale their businesses. The Capital Readiness Program will provide funding to incubators and accelerators across the country and will “assist and train minority and other underserved entrepreneurs seeking resources, tools and technical assistance to start or scale their businesses in high-growth industries.” The Commerce Department’s Minority Business Development Agency plans to fund proposals of as much as $3 million over four years per grantee.

To learn more about the grant competition, including how to apply by the Feb. 28 deadline, click here.

By Rebecca Meiser

Contributor, Commerce + Communities Today and Small Business Center

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