On June 22, the U.S. Department of Commerce, Minority Business Development Agency (MBDA) announced it was allocating $10 million under the CARES Act to the network of MBDA business centers and national minority chambers of commerce. To know more about the topic and how to get alternative financing for your minority business, follow the lines below.
COVID-19 Funding for a Minority Business
MBDA is the top federal agency helping the minority business community develop and expand. According to the agency, COVID-19 has brought a particular impact on minority communities and businesses, and they’re going through severe challenges.
The agency is implementing this mission via a network of local business development centers. Minority-run businesses, both large and small, can turn to MBDA to get assistance services. One can find local minority business development centers in various communities.
What about alternative funding sources? No worries. You can turn to a trustworthy alternative online lender like FistAmericanMerchant.com for secure and cheap minority business funding. FAM is a reputable business financing provider and processor that specializes in the high risk field and is classified as an A+ company by the BBB.
COVID-19 Funding for Businesses
Through July 6, almost 5.500 lenders gave 4.9 million with an average of $106.000 that made up $521 billion in total. The U.S. Small Business Administration (SBA) reported that those funds had gone to small businesses supporting more than 51 million jobs across the nation. This accounted for 84% of the small business payroll nationwide.
Lots of businesses that belong to the minority community have been going through challenges to keep their doors open, and the coronavirus made things even worse. The Trump Administration has been providing support for these businesses and helping them get access to the necessary resources.
The goal is to assist them in overcoming the existing hardships and providing bases for them to move forward by offering private investment and federally-backed support, as Wilbur Ross, Secretary of Commerce, says.
So, COVID-19 has resulted in a severe economic crisis all over the world. Small businesses, including minority-owned ones, in the U.S. are in a struggling situation. $10 million awarded by the Minority Business Development Agency has been much-needed support for minority-owned businesses so they can navigate the existing challenges.