WASHINGTON, DC, Jan. 15, 2025 (GLOBE NEWSWIRE) — Today, the U.S. Department of Commerce’s Minority Business Development Agency (MBDA) announced funding competitions, totaling an estimated $11 million in federal funding for technical assistance 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 systemic barriers faced by minority business enterprises (MBEs),” said Eric Morrissette, performing the non-exclusive duties of the Under Secretary of Commerce for Minority Business Development. “By addressing barriers to entrepreneurship traditionally faced by women, 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 bolster the U.S. economy by driving innovation, creating jobs, and ensuring our global competitiveness for years to come.”
Eligible entities can apply for funding to deliver technical assistance services under the following programs:
MBDA Women’s Entrepreneurship Program (WEP):
- Addressing Barriers to Entrepreneurship: Increase the capacity of MBEs to launch, sustain, obtain capital for, and scale their ventures, with a focus on addressing barriers traditionally experienced by women entrepreneurs.
- Access to Capital and High-Growth Opportunities: Focuses on providing capital, training, and entry into competitive industries like STEM and federal contracting.
- Long-Term Federal Backing: With $2 million in FY 2025 and anticipated annual renewals 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 entrepreneurial development services to Rural Minority Business Enterprises (RMBEs) at all stages, driving growth and resilience.
- Expanding Economic Access: Addresses key challenges like digital literacy, broadband access, and supply chain gaps to strengthen the global competitiveness of rural minority businesses.
- Strategic Investments and Partnerships: With $4 million in FY 2025 and anticipated annual renewals through 2030, this program will foster collaborations with eligible institutes of higher education and private sector stakeholders.
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 eligible institutes of higher education, including HBCUs and Tribal Colleges, to deliver impactful resources and training.
- Innovation and Long-Term Impact: With $5 million in FY 2025 and anticipated annual renewals through 2029, this program emphasizes leveraging regional innovation clusters and developing skills related to technology commercialization and supply chain resilience.
MBEs are a critical yet underutilized driver of the U.S. economy, with more than $7.1 trillion in potential economic value left untapped. This missed opportunity represents nearly one-third of the country’s GDP output.
MBDA is deeply committed to fostering the growth and success of MBEs, particularly 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 dedication ensures that economic opportunities are equitably distributed, driving 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 the Notices of Funding Opportunity (NOFOs) for the respective programs.
About the Minority Business Development Agency (MBDA)
The U.S. Department of Commerce, Minority Business Development Agency is the only Federal agency dedicated to the growth and global competitiveness of U.S. minority business enterprises (MBEs). For more than 50 years, MBDA’s programs and services have better equipped MBEs to create jobs, build scale and capacity, increase revenues, and expand regionally, nationally, and internationally.
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