WASHINGTON, DC, Jan. 15, 2025 (GLOBE NEWSWIRE) — Today, the U.S. Department of Commerce’s Minority Business Development Agency (MBDA) announced grant competitions totaling approximately $11 million in federal funds for assistance technology to support, educate and empower socially and economically disadvantaged entrepreneurs and business owners.
The funding competitions are for three new MBDA technical assistance programs: the MBDA Women’s Entrepreneurship Program (WEP), the MBDA Rural Business Center Program, and the Parren J. Mitchell Entrepreneurship Education Program.
“These three programs represent critical investments in our nation’s economic future by addressing the systemic barriers facing minority business enterprises (MBEs),” he said. Eric Morrissette, the performance of NOExclusive duties of the Under Secretary of Commerce for Minority Business Development. “By addressing barriers to entrepreneurship that women traditionally face, strengthening rural MBEs, and fostering entrepreneurship education, we are unlocking the untapped potential of underrepresented communities across the country. These programs not only promote equity, but also strengthen the American economy by driving innovation, creating jobs and ensuring our global competitiveness for years to come.”
Eligible entities may apply for funding to provide technical assistance services under the following programs:
MBDA Women’s Entrepreneurship Program (WEP):
- Addressing Barriers to entrepreneurship: Increase the capacity of MBEs to launch, support, obtain capital and scale their ventures, with a focus on addressing the barriers traditionally experienced by women entrepreneurs.
- Access to capital and opportunities for high growth: It focuses on securing capital, training and entry into competitive industries such as STEM and federal contracting.
- Long-Term Federal Support: With $2 million in FY 2025 and annual renewals projected through 2029, the program drives equity and sustainable economic impact.
MBDA Rural Business Center Program
- Empowering rural minority businesses: Provides technical assistance, capacity building and business development services to Rural Minority Business Enterprises (RMBEs) at all stages, promoting growth and sustainability.
- Expanding economic access: It addresses key challenges such as digital literacy, broadband access and supply chain gaps to strengthen the global competitiveness of rural minority businesses.
- Investments and Strategic Partnerships: With $4 million in FY 2025 and anticipated annual renewals through 2030, this program will foster collaborations with eligible institutions of higher education and private sector actors.
Parren J. Mitchell Entrepreneurship Education Program
- Entrepreneurship Education for Success: Provides evidence-based training in business management, financial planning and technology adoption to empower entrepreneurs.
- Support for underserved communities: Partners with qualified higher education institutions, including HBCUs and Tribal Colleges, to provide impactful resources and training.
- Innovation and long-term impact: With $5 million in FY 2025 and projected annual renewals through 2029, this program emphasizes leveraging regional innovation clusters and developing capabilities related to technology commercialization and supply chain resilience.
MBEs are a critical but untapped driver of the US economy, with more than $7.1 trillion in potential economic value remaining untapped. This lost opportunity represents nearly a third of the country’s GDP output.
MBDA is deeply committed to fostering the growth and success of MBEs, especially in underserved communities. By providing access to critical resources, capital and technical expertise, MBDA empowers MBEs to overcome systemic barriers and achieve sustainable growth. This commitment ensures that economic opportunities are distributed equitably, fostering inclusive prosperity and strengthening the fabric of local economies.
For more information on how to apply for funding under these programs, as well as other MBDA programs and announcements, please visit https://www.mbda.gov/financial-resources/grants to view Funding Opportunity Announcements ( NOFOs) for the relevant programs.
About the Minority Business Development Agency (MBDA)
The US Department of Commerce’s Minority Business Development Agency is the only federal agency dedicated to the growth and global competitiveness of American minority business enterprises (MBEs). For more than 50 years, MBDA’s programs and services have better equipped MBE to create jobs, build scale and capacity, increase revenue and expand regionally, nationally and internationally.
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