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Mountain BizWorks has been awarded over $2.3 million from the U.S. Minority Business Development Agency (MBDA) as part of the Minority Business Development Agency’s Capital Readiness Program. This funding aims to support entrepreneurs in rural areas and communities of color by building capacity, providing access to capital and networks. The award will support various programs like ScaleUp and Catalyst Cohort for existing and emerging business founders, in addition to collaborations with partners like Hatch Innovation Hub, Olive Hill CDC, Venture Asheville, High Country Impact Fund, Impact WNC Fund, and Eagle Market Streets Development Corporation.
Over $2.3M MBDA Award for Mountain BizWorks
The U.S. Minority Business Development Agency (MBDA) has granted Mountain BizWorks over $2.3 million. This announcement was made at Mountain BizWorks Year End Celebration, attended by Donald R. Cravins, Jr., Under Secretary of Commerce for Minority Business Development. He praised the entrepreneurial endeavors in WNC which form the core of the region’s business development.
MBDA’s Largest-Ever Investment in Small Business Incubators
Cravins, in his address, highlighted the MBDA’s Capital Readiness Program as the most significant federal investment in small business incubators and accelerators. This program reflects the Biden-Harris Administration’s commitment to equitable investment, enabling access to capital for underserved entrepreneurs. He expressed his gratitude towards Mountain BizWorks for understanding the unique needs of North Carolina entrepreneurs.
Mountain BizWorks Plans for the Funding
According to Mountain BizWorks Executive Director Matt Raker, the organization will use the MBDA funding to enhance capacity building, access to capital, and networking opportunities for WNC entrepreneurs. The grant will support three new programs in 2024, including ScaleUp, an eight-session initiative for existing businesses, and the Catalyst Cohort, a peer support and leadership development initiative for entrepreneurs of color. Hatch Innovation Hub, another program partner, will continue its Pitchmas series and weekly 1 Million Cups networking events.
Support from Additional Program Partners
Several program partners including Olive Hill CDC, Venture Asheville, High Country Impact Fund, Impact WNC Fund, and Eagle Market Streets Development Corporation will also support these initiatives. Stephanie Swepson Twitty, CEO of EMSDC commended Mountain BizWorks for their intentionality in serving underestimated and underserved small businesses. For more information about the award, visit mbda.gov/crp. Further details on lending, learning, and more can be found at mountainbizworks.org.
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