This notice requests applications from qualified organizations for projects addressing historical barriers to capital minority business enterprises (MBEs) face by leveraging non-traditional financial resources.
Donor Name: Department of Commerce
State: All States
County: All Counties
Territory: Commonwealth of Puerto Rico, U.S. Virgin Islands, Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands
Type of Grant: Grant
Deadline: 06/06/2022
Size of the Grant: $884,559
Grant Duration: 2 years
Details:
The projects can utilize technical assistance models, pilot innovative solutions, leverage technology, advance research and data, or provide education to non-traditional lenders. MBDA seeks market solutions to the barriers of access to capital that acknowledge lack of traditional collateral/assets as an impediment for MBEs.
The projects align with the Minority Business Development Agency (MBDA) strategic mission to support the growth and global competitiveness of minority business enterprises (MBEs) and the Administration’s strategic priority to advance racial equity and support underserved communities through the Federal government.
Program Priorities
This Announcement seeks to address, mitigate, and remove systemic barriers of traditional financing by leveraging alternative funding methods and non-traditional sources of lending. For the most part, participants in this sector lack nationwide coverage, capabilities, or the type of economies of scale that will allow any one of them to effectively service the over 9 million minority-owned businesses. Funding will be prioritized to projects that show the potential for systematic or broad impact across this sector. For this Announcement, examples of non-traditional lenders include:
- Non-Bank Lenders
- Minority Depository Institutions
- Community Development Financial Institutions
- FinTech Lenders
- Accelerated/Advance payment providers
- Mobilization funding providers
- Local, State lending programs
- Non-Profit Lenders
Performance Measures and Goals
The applicant must propose a project that clearly defines a plan to achieve the above-mentioned initiative, including identification of strategic partners. Applications should allow for the measurement of the growth and/or benefit of the ecosystem resulting from the projects. Applicants should clearly identify in the projects the measures and goals for performance based on the service(s) the applicant plans to provide and then to report their performance based on the goals and measures set. Projects must include a determination for success and impact in the proposal. Applicants must use reliable evidence and data to measure progress, outcomes, and impact.
The proposed performance criteria must be included in the award recipient’s semi-annual and annual reports. MBDA will use the award recipient’s submitted reports, data, and information to determine project success. MBDA may also use the reports, data, and information as evidence for future program design, policy recommendations, and/or statistical purposes.
Applicants must include in their proposal performance goals for each year of the proposal for the relevant measures that align with their outlined activities and anticipated impact
Funding Information
- Award Ceiling: $884,559
- Award Floor: $884,559
- MBDA expects to issue one (1) award for a total term of two (2) years from September 1, 2022 – August 31, 2024.
Eligibility Criteria
- Eligible applicants include for-profit entities (including but not limited to partnerships, limited liability companies, and corporations), non-profit organizations, institutions of higher education, or commercial organizations. Government or quasi-governmental organizations are not eligible. The successful applicant and program partners should have knowledge and experience working in the core areas listed under Program Objectives and should expect to work on behalf of MBEs. It is also anticipated that the mission of the successful project applicant will align with both the mission of MBDA and the BAA objectives.
Note: Project must be located in the U.S. or any U.S. territory, including Guam, Puerto Rico,and the Virgin Islands. MBDA is not authorized to provide awards to individuals under this BAA, and applications from individuals will not be considered under this request.
Note: Current Operators of a MBDA Business Center and/or Project are not eligible to apply for this Broad Agency Announcement.
For more information, visit Grants.gov.
