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Janel Knight Trulear
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(617) 875-6581

Small Business Group Commends Administration's $125 Million Grant Announcement From Capital Readiness Program Amid Continued Good Economic News

Statement by Small Business for America’s Future Co-chair Shaundell Newsome on Vice President’s remarks in Washington, D.C highlighting the continued impacts of Bidenomics on small business.

Washington, D.C., Aug. 4, 2023–-Today, Vice President Kamala Harris announced the 43 winners of the $125 million American Rescue Plan-funded Capital Readiness Program from the historic $10 billion State Small Business Credit Initiative (SSBCI) and other capital sources. I commend the Biden-Harris Administration for their commitment to fostering economic growth and leveling the playing field for businesses led by entrepreneurs of color, women, and other underserved communities. This investment will further our economy's positive momentum with a solid job market, almost record low unemployment and more experts predicting a soft landing. 

The Capital Readiness Program, administered by the Minority Business Development Agency, is a grant competition to fund incubators and accelerators that provide access to capital, access to networks, and capacity-building to entrepreneurs and small businesses. This program is a great step towards addressing the longstanding challenge of access to capital faced by businesses.

By providing entrepreneurs with the necessary resources and networks, the Capital Readiness Program can empower them to thrive, create jobs, and contribute significantly to our economy. With access to capital and capacity-building as a priority, we can collectively fuel the growth of innovative small businesses and ensure a more equitable economic landscape for all.

I am confident that this program, along with the administration's other infrastructure and investment initiatives, will bolster small businesses and strengthen local economies throughout the country.

Here’s what other small business owners are saying about Vice President Kamala Harris’s visit: 

"Capital access can make or break a business so  it's exciting to see a program that will serve as a lifeline for minority entrepreneurs. It empowers us to grow, compete, and contribute to the economy, showcasing that investing in diversity is an investment in a brighter and more inclusive future for us all.” 

Joe Reddix, The Reddix Group, Baltimore, MD

“The Capital Readiness Program is a testament to the government's commitment to creating an environment of equal opportunities for underserved entrepreneurs. This program acknowledges the potential in minority-owned businesses, empowering them to thrive and contribute to a more inclusive economy where innovation knows no bounds."

Marcia St. Hilaire-Finn, Bright Start Early Care and Preschool, Washington, DC

“The Capital Readiness Program is a game-changer for minority-owned businesses like mine. With the invaluable support and resources it provides, it will help us to thrive, proving that investing in diverse entrepreneurs is economically rewarding."

Adrianne Mickens, The Fitting Room, Washington, DC

“Accessing funding and resources continues to be a significant challenge for diverse-owned businesses, resources like the Capital Readiness Program will provide much needed support and training to the small businesses that need it the most. I am glad to see the Biden administration make investing in diverse-owned businesses a priority.”

April Williams, Kennedy Consulting Group, LLC. & Harmony Lemonade, LLC., Baltimore, MD

To request an interview with Small Business for America’s Future Co-chair Shaundell Newsome, contact Janel Knight Trulear at 617-875-6581 or janel@emccommunications.com. 

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About Small Business for America’s Future
Small Business for America’s Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.