Rep. Strong Sykes joins U.S. Commerce Sec. Raimondo and Rep. Brown for Cleveland Minority-Owned Businesses Roundtable
CLEVELAND, OH – Yesterday, U.S. Representative Emilia Strong Sykes joined U.S. Secretary of Commerce Gina M. Raimondo and U.S. Representative Shontel Brown for a roundtable with Cleveland area minority business owners to discuss the U.S. Department of Commerce’s efforts to expand opportunities for small businesses through the Minority Business Development Agency’s new Capital Readiness Program.
“Entrepreneurship is a pathway to the American Dream. It creates good jobs, sparks innovation, encourages greater investment in communities, and helps build generational wealth. But there are still too many structural barriers – like difficulty accessing capital and a lack of childcare – that are holding aspiring entrepreneurs back,” said Secretary Gina M. Raimondo. “With the Capital Readiness Program, we’re going to build on MBDA’s track record of success and give more minority business enterprises and underserved entrepreneurs the tools they need to thrive.”
“I’m proud to join my colleagues Sec. Raimondo and Rep. Brown for this important commitment to launching the next generation of business leaders. Our economy is strongest when all business owners and entrepreneurs have the resources they need to succeed,” said Representative Emilia Strong Sykes. “When we invest in small and minority-owned businesses, we create good-paying jobs and deliver essential goods and services to our district. Discussions like these are crucial to connecting our small and minority-owned businesses and entrepreneurs with the funding and support they need to continue to create innovative and prolific business models.”
"Our country's economic prosperity grows when entrepreneurs from all backgrounds can thrive and pursue their dreams,” said Representative Shontel Brown. “For far too long, structural barriers have blocked minority-owned businesses from chasing entrepreneurial dreams, and much remains to be done to provide them with more than their fair share of opportunities. Grant competitions like the MBDA's Capital Readiness Program are an invaluable resource for reaching underserved entrepreneurs where they are and helping them to achieve economic success.”
The U.S. Department of Commerce’s Capital Readiness Program grant competition dedicates nearly $100 million to help minority and other underserved entrepreneurs launch and scale their businesses. The Capital Readiness Program is intended to serve entrepreneurs and businesses that are applying, have applied, or plan to apply to the Treasury’s State Small Business Credit Initiative (SSBCI) or other government programs that support small businesses. This grant competition is open to non-profit organizations, private sector entities, institutions of higher education, or a consortium of two or more of the previously mentioned eligible applicants.
The deadline to apply for the Capital Readiness Program grant is February 28, 2023. Applicants are encouraged to submit an email of intent to apply to SSBCI@MBDA.gov by January 31, 2023.