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Minority Business Development Agency (MBDA) -- Enterprising Women of Color
The purpose of this notice is to request applications for special projects and programs associated with the Minority Business Development Agency’s (MBDA) strategic plans and mission goals, as well as to provide the general public with information and guidelines on how MBDA will select proposals and administer discretionary Federal assistance under this Notice of Funding Opportunity (NOFO).
MBDA, a bureau of the U.S. Department of Commerce, leads Federal Government efforts to promote the growth and global competitiveness of minority business enterprises (MBEs). MBDA has established key priorities designed to overcome the unique challenges faced by MBEs. MBDA is now initiating new approaches to serve MBEs that complement Presidential priorities and U.S. Department of Commerce goals. The Commerce Department and MBDA supports Minority Women in Business Goals of the Administration. MBDA has established the Enterprising Women of Color program as support.
Enterprising Women of Color – As part of the Administration’s focus on empowering women, MBDA is seeking to promote minority entrepreneurs, with a focus on women entrepreneurs, to become engines of economic growth in their communities. As of 2019, 6.4 million minority-owned women businesses employed nearly 2.4 million people and generated $422.5 billion in revenue according to the American Express State of WomenOwned Businesses Report (September 23, 2019). Women-owned businesses represent 42% of all businesses. This report also estimated that if the revenues generated by minority women-owned firms matched those currently generated by all non-minority women-owned businesses, they would add 4 million new jobs and $981 billion in revenues to the U.S. economy. Women re-invest approximately 90% of their earnings into their family and their communities, creating a unique multiplier. Investments in women-owned businesses make communities prosper.
MBDA seeks to fund Business Center(s) with a particular focus on supporting minority women entrepreneurs in the U.S. and its territories to build their businesses, secure contracts and capital, and increase employment opportunities.
Deadline: May 30, 2020
Eligible applicants include: For-profit entities (including but not limited to soleproprietorships, partnerships, limited liability companies, and corporations), non-profit organizations, institutions of higher education, commercial organizations, state and local government entities, and quasi-government entities in any U.S. State or U.S. Territory.
MBDA expects to expend approximately $3,000,000 (FY2020 $1,500,000 and FY2021 $1,500,000) to fund the financial assistance awards under this Announcement. The funding amounts referenced in this Notice of Funding Opportunity (NOFO) are subject to the availability of appropriated funds. Publication of this NOFO does not obligate the U.S. Department of Commerce or MBDA to award any specific grant or cooperative agreement or to obligate all or any part of available funds