The Congressional Black Caucus Issues Statement on New Emergency Interim Aid Senate Bill

The Congressional Black Caucus issued the following statement in response to the emergency Interim Aid Bill from the Senate:

The Congressional Black Caucus supports the additional resources for small businesses included in the latest federal response to COVID-19 and congratulates Speaker Pelosi and Democratic leadership for ensuring the inclusion of $75 billion in emergency funding for hospitals and $25 billion to increase testing and contact tracing. We also support the inclusion of $60 billion for the SBA Paycheck Protection Program to assist small lenders and community-based financial institutions. These needed resources will serve the needs of minority-owned businesses and underserved small businesses and nonprofits. Moreover, the $30 billion for Minority Depository Institutions, Community Development Financial Institutions, community lenders, and small community banks and credit unions is welcomed relief. Additionally, this legislation provides $50 billion for the SBA’s Economic Injury Disaster Loan Program, and $10 billion for the SBA’s Emergency Economic Injury Grant Program. However, much more needs to be done; for example, neither this bill nor the last bill included funding for the majority of the nation’s cities as resources were provided only for cities with populations greater than 500,000. There are only 33 cities in the country with populations of that size.

Although the inclusion of $25 billion for testing is a positive step forward, the CBC believes the bill should have required the Department of Health and Human Services develop a national strategy for testing Americans with a particular focus on concentrated efforts in communities where the death rate is out of proportion to the population. For example, African Americans are 30% and 61% of the population of Chicago and New Orleans, respectively, but 70% of those who died from COVID-19. Resources need to be provided directly to community and faith-based organizations to conduct outreach and public health education. In addition to targeted testing and outreach, there needs to be accurate data, including not just the death rate, but a complete picture of how the virus is affecting Americans. The Congressional Black Caucus will not just accept that nothing can be immediately done to address the extremely disproportionate rate of African Americans who are dying from COVID-19.

Top 10 Grants Available to Black, Minority Business Owners

(BLack PR Wire) Every year billions of dollars are awarded in the form of free money and other types of funding. Most people know this money exists, but just don’t know where to apply, how much they qualify for, or even where to get an application. Contrary to popular belief, free money is available to entrepreneurs. Real business grants do exist. In fact, hundreds of black and minority-owned businesses each year receive such grant funding from various government agencies and nonprofit organizations, reports BlackNews.com. Such funds do not have to be repaid, but must be used to either start a new business or enhance an existing one. Others can be used for innovation research.

Whether needed for growth or startup business funding, here are the top 10 grants available to black, minority business owners

 1. The FedEx Small Business Grant Contest is a nationwide competition that will award $50,000 in total to six deserving U.S-based entrepreneurs and business owners. Go to www.businessgrants.org/opportunities/fedex_small_business_grant_contest.html

2. The National Association for the Self Employed (NASE) Growth Grants Program allows business owners to apply for financing a particular small business need. Past recipients used funds to purchase computers, hire part-time help, and create marketing materials. Visit www.businessgrants.org/opportunities/national_association_self_employed_nase_business_grants.html

3. The Dare to Dream Grant Program encourages students to move through the business creation process by offering business development seminars and up to $10,000 in funding. Learn more at www.businessgrants.org/opportunities/dare_to_dream_grant_program.html

4. The Miller Lite Tap the Future Business Plan Competition (formerly known as the MillerCoors Urban Entrepreneur Series) is an annual competition for minority business owners sponsored by Miller Lite. Designed to economically empower minority businesses, the program continues to invest in entrepreneurial dreams to empower urban communities. Learn more at MLTaptheFuture.com

RELATED: MBDA Announces Grant to Launch Business Centers

5. The Small Business Administration (SBA) administers several competitive business grant programs, ensuring that the nation’s small, high-tech, innovative businesses are a significant part of the federal government’s research and development efforts. Check out www.businessgrants.org/opportunities/sbir_small_business_research_innovation_grants.html

6. The Minority Business Development Agency (MBDA) organizes various angel investors with the primary objective of supporting minority businesses with mezzanine and second round financing. Learn more at www.businessgrants.org/opportunities/minority_business_development_agency_mbda_business_grants.html

7. The Rural Business Enterprise Grants (RBEG) Program provides grants to finance the development of small and emerging businesses in rural areas. The funds can be used for land acquisition, construction, renovation, technical assistance, project planning, and more. Visit www.businessgrants.org/opportunities/rural_business_enterprise_grants_rbeg_program.html

8. The Huggies MomInspired Grant Program awards grants and business resources to moms to further the development of original product ideas and startup businesses. Learn more at www.businessgrants.org/opportunities/huggies_mom_inspired_grant_program.html

9. The DOT Disadvantaged Business Enterprise (DBE) program is intended to ensure nondiscrimination in the award and administration of DOT-assisted contracts in the Department’s highway, transit, airport, and highway safety financial assistance programs. Learn more at www.businessgrants.org/opportunities/dot_disadvantaged_business_enterprise_program.html

10. The Small Business Innovation Research (SBIR) program provides grant funding to small businesses to engage in biomedical or behavioral research/development that leads to a potential for commercialization. Go to www.businessgrants.org/opportunities/sbir_small_business_research_innovation_grants.html

This New Fund Was Created To Help Black Entrepreneurs

A small business lending program has been launched to help African American and minority businesses create jobs and build community wealth. With a focus on bringing capital to underserved groups, the National Urban League’s Urban Empowerment Fund, Morgan Stanley, National Development Council, and Cuyahoga County have come together to offer the Capital Access Fund of Greater Cleveland (CAF).

CAF is a three-year program that provides minority business owners access to capital, offering 50 loans totaling $8 million, as well as pre- and post-loan counseling, to ensure the success of those small business borrowers. With a goal of creating or maintaining a minimum of 300 jobs within those three years, CAF already has completed eight loans, totaling $1.4 million and helping to create or maintain 70 local jobs.

“The level of interest we already have confirms what we already knew—there is a gap in the access to capital for minority businesses, and we should not gloss over that,” said Marc H. M.

Read more: This New Fund Was Created To Help Black Entrepreneurs

CBC Message to America: African American-owned small businesses are vital to the economy

Congressional Black Caucus Message to America: African American-owned small businesses are vital to the success of our economy and the nation, delivered by Rep. Donald M. Payne, Jr. Watch the message below: