☷Remarks by Deputy Secretary of Commerce Don Graves at the MBDA Notice of Funding Opportunity Briefing
U.S. Department of Commerce ( By Press Release office)
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Remarks by Deputy Secretary of Commerce Don Graves at the MBDA Notice of Funding Opportunity Briefing Minority business growth Don Graves AS PREPARED FOR DELIVERY Wednesday , May 4 , 2022 Office of Public Affairs publicaffairs@doc . gov Thank you , Miguel , for that introduction and for your leadership at MBDA . And thank you to Cedric Richmond for joining us from the White House . And thanks to all our attendees for joining , and for your work to support minority business enterprises , which are crucial to our nation’s economic well - being , global competitiveness , and closing the wealth gap . At our previous MBDA stakeholder meeting , we were pleased to announce that the Bipartisan Infrastructure Law made MBDA a permanent part of the federal government . This means we’ll have more resources to support our minority - owned businesses . And it will allow MBDA to expand its geographic reach through regional MBDA offices and rural business centers . Last month , MBDA announced that it is awarding $2 . 1 million to expand its business center network to six new locations , bringing the total number to 41 nationwide . Today , you’ll hear from MBDA staff about these new business centers as well as funding opportunities through the MBDA in Fiscal Year 2022 . We’re very excited that just last week , the Treasury Department and MBDA announced that they are teaming up to deploy $100 million of the State Small Business Credit Initiative Technical Assistance funding to support small businesses and entrepreneurs around the country . Underserved entrepreneurs have traditionally lacked access to capital and often experience even greater disparities in access to venture capital financing . This significant funding being transferred to the MBDA will help ensure that more underserved businesses have the tools they need to succeed at home and abroad . MBDA is also requesting applications for its Minority Colleges and Universities Program . $1 . 8 million in federal funding will be distributed to six minority serving institutions to establish and grow entrepreneurship programs for students . Addressing access to capital , contracts , and network barriers for MBEs continue to be major priorities for MBDA’s work . I hope you find today’s session informative , and that you’ll continue to consider both MBDA and the entire Commerce Department as allies . Together , we can continue supporting minority businesses , and secure an equitable and prosperous future for all Americans . With that , let me turn it back over to Miguel . Bureaus and Offices Minority Business Development Agency Leadership Don Graves Tags Entrepreneurship
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