Last week, the U.S. Department of Commerce issued immediate termination notices to most MBDA Business Centers and grantees of the Capital Readiness Grant Program. This unexpected action is deeply disappointing. We are disheartened by this unilateral move by the Department of Commerce.
For over 50 years, MBDA Business Centers have provided technical assistance, access to capital and contracts, and strategic business consulting to tens of thousands of minority business enterprises (MBEs). In fact, in 2024, MBDA helped facilitate $5.4 billion in capital and contracts.
Equally, the termination of the Capital Readiness Grant Program, established to support businesses following the COVID pandemic, provided another opportunity to support underserved entrepreneurs in their efforts to raise capital, scale their businesses, and compete in the investment ecosystem.
NMSDC has been a committed partner of both programs since their inception. “Eliminating these proven resources undermines efforts to strengthen small and mid-sized businesses, which are working to expand the opportunities for American businesses to innovate, modernize, and expand, especially in times of economic uncertainty,” said NMSDC CEO and President Ying McGuire. “We remain steadfast in our mission to equip under served businesses with the tools, resources, and networks they need to grow, compete, and power America’s economy.”
