Minority Business Development Funding Available

The Minority Business Development Agency is now accepting proposals for the MBDA Minority Business Enterprise (MBE) Equity Multiplier Project.

Despite what the late-night infomercials want you to believe, the federal government does not provide grants for business expansion and growth. There is no “free” money for you to start or grow a business.

The MBDA is seeking proposals to facilitate technical assistance to MBEs related to accessing capital. This project aims to create a more diverse economy and drive economic prosperity for minority business leaders through capacity building, venture capital readiness, access to equity and venture investment and investors, and job creation. Learn more about the minority business development application process and deadlines by viewing the Notice of Funding Opportunity. Also, register to attend the pre-application conference scheduled for June 4, 2021 at 2-3 pm ET.

The MBDA Grant Application in 5 Easy Steps:

  1. Register your business to apply for a MBDA grant. To register your business to obtain a DUNS number so that your application can be tracked. Next register with SAM. To do this, you will need the authorizing official for your organization, and an Employer Identification Number. These two numbers are needed to create a Grants.gov account
  2. Understand the Grant Announcement. Visit the specific grant page on MBDA.gov to learn more about the program and find frequently asked questions. Then, locate and download the grant application package from Grants.gov. 
  3. Attend a pre-application teleconference to learn more about the grant and requirements. All pre-application teleconference presentations are also available on the specific grant webpage at mbda.gov for future reference.
  4. Understand the evaluation process. Thoroughly read the announcement, paying special attention to key sections of the announcement. Check your eligibility in Section C, finds the deadline and requirements in Section D, and learn about the selection process in Section E. When complete draft your application and make sure that you address all requirements outlined in the announcement. Please review the YouTube video: Ingredients for a Great Budget
  5. Prepare and Submit Application. When the application is complete, log onto Grants.gov and submit an application. Application MUST be submitted before deadline. After submission, print confirmation of submission.

Financing a business is never simple whether it’s a start-up or a business that’s been around for years. From initial seed money to working capital needed to keep operations going and to pay bills, access to capital remains a major barrier to many minority-owned firms.

MBDA does not provide loans or grants to start or expand your business. The grants MBDA does provide are to organizations that operate MBDA’s Minority Business Centers throughout the United States. These organizations provide business consulting, procurement matching and financial assistance to minority-owned firms.

Deadline: Applications must be submitted to Grants.gov no later than June 30th, 2021 at 11:59 PM EST

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