2023 MBDA Capital Readiness Program

The summary for the 2023 MBDA Capital Readiness Program grant is detailed below. This summary states who is eligible for the grant, how much grant money will be awarded, current and past deadlines, Catalog of Federal Domestic Assistance (CFDA) numbers, and a sampling of similar government grants. Verify the accuracy of the data FederalGrants.com provides by visiting the webpage noted in the Link to Full Announcement section or by contacting the appropriate person listed as the Grant Announcement Contact. If any section is incomplete, please visit the website for the Department of Commerce, which is the U.S. government agency offering this grant.
2023 MBDA Capital Readiness Program: MBDA seeks to make lasting changes for America's entrepreneurs through this MBDA Capital Readiness Program (hereinafter referred to as this “Program”) by seeking applicants who will help close the gaps in entrepreneurial opportunities for socially and economically disadvantaged individual (SEDI) entrepreneurs and help unleash a new era of business growth, hiring, and wealth.The spirit of entrepreneurship, where every individual with the desire and drive to build a business could have the opportunity to do so, is an important American value. Unfortunately, historic, and systemic barriers continue to make success more difficult to reach for SEDI entrepreneurs. In addition, the COVID-19 pandemic disproportionately impacted SEDI entrepreneurs and their businesses.The American Rescue Plan Act of 2021 re-authorized the Department of Treasury's State Small Business Credit Initiative (SSBCI) program to help revive entrepreneurship in America after the devastation of the COVID-19 pandemic. SSBCI provides a combined $10 billion to empower small businesses to access capital. SSBCI provides jurisdictions (states, the District of Columbia, territories, and Tribal governments) funding for: (1) credit and investment programs for existing small businesses and start-ups and (2) technical assistance to small businesses applying for SSBCI funding and other government small business programs. This $93.5 million Program funded by MBDA aims to fund applicants who provide SEDI entrepreneurs with the resources and technical assistance necessary to launch and scale investable businesses that may successfully access capital through SSBCI, other government programs, or other sources of capital. MBDA expects participants in technical assistance funded by this Program to be SEDI-owned businesses2 that are applying, have previously applied, or plan to apply to an SSBCI capital program or other government program that supports small businesses.For this Program, “Capital” is defined as equity investments, debt, or grants.For this Program, a SEDI-owned firm is:a) a business that is owned and controlled by individuals or whose current majority founders are individuals who have had their access to credit on reasonable terms diminished compared to others in comparable economic circumstances, due to their:(1) membership in a group that has been subjected to racial or ethnic prejudice or cultural bias within American society;(2) gender;(3) veteran status;(4) limited English proficiency;(5) disability;(6) long-term residence in an environment isolated from the mainstream of American society;(7) membership in a federally or state-recognized Indian Tribe;(8) long-term residence in a rural community;(9) residence in a U.S. territory;(10) residence in a community undergoing economic transitions (including communities impacted by the shift towards a net-zero economy or deindustrialization); or(11) membership in an underserved community.3b) a business enterprise that certifies that it is owned and controlled by individuals whose residences are in Community Development Financial Institution (CDFI) Investment Areas, as defined in 12 C.F.R. § 1805.201(b)(3)(ii);c) a business enterprise that certifies that it will build, open, or operate a location in a CDFI Investment Area, as defined in 12 C.F.R. § 1805.201(b)(3)(ii); ord) a business enterprise that certifies that it is located in a CDFI Investment Area, as defined in 12 C.F.R. § 1805.201(b)(3)(ii).Applicants may target their proposal to the needs of one or more specific groups within the SEDI definition (hereinafter referred to as “SEDI groups”).The Program will fund and build a geographically dispersed network of MBDA Capital Readiness technical assistance providers that help SEDI entrepreneurs launch or scale existing businesses and to access SSBCI Capital, participate in other governmental programs that support small businesses, and secure other forms of Capitital.
Federal Grant Title: 2023 MBDA Capital Readiness Program
Federal Agency Name: Department of Commerce (DOC)
Grant Categories: Other (see text field entitled "Explanation of Other Category of Funding Activity" for clarification)
Type of Opportunity: Discretionary
Funding Opportunity Number: MBDA-OBD-2023-2007775
Type of Funding: Cooperative Agreement
CFDA Numbers: 11.034
CFDA Descriptions: Information not provided
Current Application Deadline: March 10th, 2023
Original Application Deadline: March 10th, 2023
Posted Date: February 28th, 2023
Creation Date: February 28th, 2023
Archive Date: April 6th, 2023
Total Program Funding: $93,500,000
Maximum Federal Grant Award: $3,000,000
Minimum Federal Grant Award: $200,000
Expected Number of Awards: 231
Cost Sharing or Matching: Yes
Last Updated: February 28th, 2023
Category Explanation
The MBDA Capital Readiness Program (Program) is designed to help close the entrepreneurship gap between socially and economically disadvantaged individuals (SEDI) and non-SEDI. This notice requests applications from qualified organizations that have the expertise to provide technical assistance for entrepreneurs starting or scaling their businesses who are seeking various forms of capital. Specifically, MBDA expects this Program to serve SEDI-owned businesses that are applying, have previously applied, or plan to apply to an SSBCI capital program or other government program that supports small businesses. The competition seeks applicants that: (1) help SEDI entrepreneurs build capacity; (2) attract and provide access to capital opportunities; and (3) attract and provide access to networks. See Section 1.A of the NOFO. The proposed activities may resemble the service models of incubators (focusing on early-stage technical assistance for new entrepreneurs) or accelerators (providing emerging-stage technical assistance to businesses ready to expand or scale), or provide a combination of both service models. Note: MBDA Capital Readiness Program NOFO Funding Opportunity Number MBDA-OBD-2023-2007775 4 given the widespread need for support for early-stage services for entrepreneurs, MBDA encourages applicants to include services for new entrepreneurs and/or businesses in the early stages of the business lifecycle as part of its offerings. See Section I.A of the NOFO. Applicants must demonstrate a plan to drive SEDI participation in their program and target the needs of one or more subgroups within the definition of SEDI. Applicants who have not historically served SEDI populations must demonstrate a commitment from at least one SEDI-serving organization (such as a community-based organization or a Historically Black College or University (HBCU), Tribal College or University (TCU), or minority-serving institution (MSI)) to work with the applicant to increase the proposed activities’ ability to effectively serve SEDI groups and effectively target SEDI needs. The applicant must explain the role the SEDI-serving organization(s) will play in the proposal. Such roles could include, but are not limited to, ensuring that the applicant’s proposed activities and curricula address the needs of SEDI group(s), identifying potential barriers to SEDI participation in the applicant’s current services and curricula, working with the applicant to design a p
Applicants Eligible for this Grant
Nonprofits having a 501 (c) (3) status with the IRS, other than institutions of higher education - Nonprofits that do not have a 501 (c) (3) status with the IRS, other than institutions of higher education - Others (see text field entitled "Additional Information on Eligibility" for clarification.)
Additional Information on Eligibility
Non-profit organizations,• Private sector entities (defined as entities that are not public sector entities). This includes, for example, for-profit entities of any type, including sole-proprietorships, partnerships, limited liability companies, and corporations, but does not include public sector entities, such as Federal, State, Local, or Tribal Governments, agencies, or any of their instrumentalities,• Institutions of higher education, and• A consortium of two or more of any of the above-mentioned eligible applicants. In a consortium application, there must be a designated lead applicant; the lead applicant would enter into the award agreement with MBDA and assume primary operational and financial responsibility for completing the project should an award be made.
Grant Announcement Contact
Joann Hill
MBDA Capital Readiness Program
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