WASHINGTON — The U.S. Department of Commerce recently launched the Capital Readiness Program grant competition, which dedicates $93.5 million to help minority and other underserved entrepreneurs launch and scale their businesses.

This program, administered by the Minority Business Development Agency, marks the largest program of its kind in the history of the Commerce Department.

The program will provide funding to incubators and accelerators across the country, with expertise to assist and train minority and other underserved entrepreneurs seeking resources, tools and technical assistance to start or scale their businesses in high-growth industries such as healthcare, climate resilient technology, asset management and infrastructure.

Businesses owned by women of color represent one of the fastest growing sectors in the economy. However, structural barriers persist, preventing many women from starting their own businesses and accessing capital, childcare solutions, and peer networks. The Capital Readiness Program will provide the curriculum, tools and resources to minority entrepreneurs to access capital and funding, and connect them to subject matter experts, vendors and peer support to help start or scale their business.

Starting in January, MBDA plans to host a series of informational pre-application webinars. The webinars can assist potential applicants in better understanding the Capital Readiness Program and the application requirements outlined in the Notice of Funding Opportunity.

The webinars are scheduled for 2 p.m. Tuesdays, Jan. 10, 17, and 24.

For more information on the program and to register for the pre-application webinars, visit mbda.gov.

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