FAQ

The Capital Readiness Program is an initiative by the Minority Business Development Agency (MBDA) designed to assist minority entrepreneurs, small businesses, and startups in accessing the tools, resources, and support necessary to secure capital and grow their enterprises. It aims to bridge the gap between minority-owned businesses and the financial resources needed to scale.

The program is open to:

• Minority-owned businesses and entrepreneurs
• Small businesses and startups
• Businesses that operate in underserved communities or are led by underserved entrepreneurs (e.g., women, veterans, or socially/economically disadvantaged individuals).

The CRP provides various forms of support, including:

• Business training and coaching in areas like business strategy, financial management, and operations.
• Assistance in navigating the financial marketplace, including loan applications, grants, and equity financing.
• Access to mentorship, technical assistance, and networking opportunities.
• Support with identifying and securing contracts, both public and private.
• Support entrepreneurs and businesses that are applying to the Department of Treasury’s State Small Business Credit Initiatives (SSBCI) or other government programs that support small businesses.

The American Rescue Plan Act of 2021 (ARPA) reauthorized and amended the Small Business Jobs Act of 2010, which established the State Small Business Credit Initiative (SSBCI).  SSBCI provides nearly $10 billion in funding to assist states, the District of Columbia, territories, and Tribal governments (participating jurisdictions) in addressing the economic fallout of the pandemic and lay the foundation for a strong and equitable recovery by providing direct support to jurisdictions for programs that increase access to capital for small businesses.

You can learn more about the State Small Business Credit Initiative at the following link: https://floridajobs.org/FloridaSSBCI

No, this program does not provide grants to entrepreneurs or small business owners directly to grow their own businesses. Rather, the funding under this program will go to entities such as the Florida Panhandle Capital Readiness Collaborative who will provide technical assistance services designed to help entrepreneurs and small business owners build the skills to launch or scale their businesses.

You may sign-up at the following link: https://floridapanhandlecrp.org/contact/.  The enrollment is a quick two-step process.

Pamela Johnson

[email protected]

850-561-2041