Congresswoman Nikema Williams (GA-05) has introduced the Minority Entrepreneurship Grant Program Act, bipartisan legislation that creates a grant program with the Small Business Administration for entrepreneurs at minority-serving institutions like historically Black colleges and universities. Representatives Alma Adams (NC-12), Dwight Evans (PA-03), Brian Fitzpatrick (PA-01), and Norma Torres (CA-35) are co-sponsoring the legislation.
The Minority Entrepreneurship Grant Program Act of 2023 aims to provide resource grants of up to $250,000 for student entrepreneurs through the Small Business Administration.
Statistics show that minority entrepreneurs disproportionately struggle to receive adequate financing to stay in business. Bloomberg reports, for example, that eight of 10 Black-owned businesses fail within the first 18 months.
Representative Williams said that “too often, Black and brown entrepreneurs face enormous barriers to accessing the capital needed to launch and sustain businesses. The Minority Entrepreneurship Grant Program will help to break down those barriers and ensure that the next generation of minority business owners have a fair shot at the promise of America. Investing in minority-owned businesses is also one path on the journey to close the racial wealth gap. I am proud to advance legislation to continue creating equity in entrepreneurship opportunity for everyone – no matter your ZIP Code, no matter your bank account.”