By Godson Umejiego, Bureau Chief, The Americas
Vice President Harris announced the awardees for the US$125 million MBDA Capital Readiness Programme, aiding underserved entrepreneurs to grow through technical support.
Awardees will set up accelerators, preparing them to secure capital from sources like the US$10 billion State Small Business Credit Initiative. The programme’s launch follows MBDA’s establishment as a permanent Federal Agency in Nov 2021.
US Secretary of Commerce Gina Raimondo calls it “the largest investment to support underserved entrepreneurs and businesses in Commerce Department history.” Deputy Secretary of the Treasury Wally Adeyemo emphasizes its role in fueling small business growth in underserved communities.
MBDA’s Capital Readiness Programme, funded by the SSBCI under the American Rescue Plan Act, supports minority business enterprises. Awardees join MBDA’s National Network for crucial support. Under Secretary of Commerce, Donald R. Cravins, Jr., aims to provide equitable opportunities, preparing entrepreneurs to access funding. The selected applicants are recommended for funding, pending final approval.
