SBA Announces New Funding for Minority-Serving Institutions

This Black History Month, the Small Business Administration has announced new money available in 10 grants for Minority Serving Institutions looking to host a Women’s Business Center.

Source : Flickr

February 3, 2022

Author : Patty Rodriguez

SBA Administrator Isabella Guzman announced $1.5 million for Women’s Business Centers to help train entrepreneurs ahead of the release of funds through the Bipartisan Infrastructure Law. The funds are meant to help businesses compete “in the burgeoning industries solving climate change and to grow clean-energy supply chains that will help expand global exporting.”

Historically Black Universities, Hispanic Service Institutions, Tribal Colleges and Universities, Native Hawaiian Serving Institutions and Alaska Native Serving Institutions are eligible for the grants.

Grants will be available for up to ten institutions in total to help them provide “entrepreneurial development” to aspiring women business owners, emphasizing socially and economically disadvantaged ones that don’t live or work in areas that are served by currently existing Women’s Business Centers.

“Our efforts to help establish more Women’s Business Centers at Minority Serving Institutions across America will not only deliver on the Biden-Harris administration’s priority to invest in equity but also will help more women entrepreneurs—one of the most energetic, innovative and fastest-growing segments of our small business economy—drive America’s strong recovery and Build a Better America,” Administrator Guzman said in a press release on Wednesday.

“Our Women’s Business Centers provide vital support, connecting women entrepreneurs with many of the SBA’s most valuable resources including access to capital, professional networks, skills training for business growth and resilience, and much more,” she added. “My hope is that leaders of every qualifying institution will seize this opportunity to establish a Women’s Business Center and start building bridges to opportunity for our nation’s women business owners.”

In addition to the new grant money, the Los Angeles Urban League announced last week a new partnership through the National Urban League with the SBA to provide technical assistance and resources to businesses. The National organization will serve as the hub of the program with its 25 local affiliates providing the direct assistance.

The partnership is aimed at helping underserved small businesses, especially minority- and women-owned small businesses, recover from the effects of the coronavirus pandemic.

“Recovery services will include financial assistance, access to capital, business-to-business networking, contracting and procurement assistance, marketing, operations, business development, and industry-specific training,” according to the press release.

The organization notes that in 2020, Black business ownership rates declined more than 40 percent — the largest decline of any racial group in the United States.

Photo via Flickr.

Category : Disadvantaged Business Enterprises Minority Business Enterprises Minority Women Business Enterprises Tribally Designated Entity Women Business Enterprises Coronavirus Pandemic Diversity Outreach Entrepreneurialism Federal Government Small Business Administration

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