Press Release

December 21, 2022
Cardin Applauds New $93.5 Million Minority Business Development Agency Capital Readiness Program

WASHINGTON — U.S. Senate Committee on Small Business and Entrepreneurship Chair Ben Cardin (D-Md.) issued the following statement on today’s announcement from the Minority Business Development Agency (MBDA) on the launch of their new, $93.5 million funding opportunity, known as the MBDA Capital Readiness Program.

“This is incredibly positive news, and I am excited to see MBDA is expanding their reach to help even more minority entrepreneurs and small business owners start and grow their own businesses,” said Chair Cardin. “The MBDA Capital Readiness Program will empower underserved small businesses to become capital ready and receive the financial support they need.”

Just over a year ago, Chair Cardin’s legislation to make the MBDA permanent was signed into law as part of the Infrastructure Investment and Jobs act. MBDA is the only federal agency solely dedicated to supporting the development and expansion of minority business enterprises.

The U.S. Department of Treasury’s State Small Business Credit Initiative funds the MBDA Capital Readiness Program. It is intended to empower underserved entrepreneurs to grow and scale their businesses, and prepare for grant, debt/borrowing, private equity, and venture capital opportunities by accessing new networks and building capacity. To aid potential applicants, MBDA will conduct a series of pre-application technical assistance webinars on January 10, 17, and 24. Participants must register at least 24 hours in advance. The deadline to submit completed applications for this funding opportunity will be 11:59 pm ET on February 28, 2023.