WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH) announced that the United States Economic Development Administration (EDA) has awarded $1,499,842 to the Cincinnati Minority Business Accelerator's Bridging the Racial Divide to Enhance Innovation & Entrepreneurship project. Funds will be used for the development of sizeable minority-owned businesses to strengthen and expand the minority entrepreneurial community by providing access to capital and other resources in order to achieve sustainable growth.
“Minority business development investments are critical to ensuring that Ohio’s economy can compete on a global scale. Small businesses create jobs and economic growth in our Black and brown communities, places that have historically been unjustly overlooked,” Brown said. “These federal funds will spur innovation and production, boosting the local economy.”
Cincinnati’s Accelerator program will complete comprehensive business assessments and growth plans to include detailed financial projects and capital needs, facilitate introductions to drive new sales revenues and business development efforts, initiate direct introductions to capital providers for minority business, host partnering sessions with area banks, accounting, and law firms to identify potential business acquisition opportunities for minority entrepreneurs, and identify new patented technologies to present to minority business clientele.
EDA grants are awarded through a competitive process based upon the application’s merit, the applicant’s eligibility, and the availability of funds. More information on EDA’s grant process and investment process can be found at www.eda.gov.