The state Department of Economic and Community Development has launched the Minority Business Initiative. It is designed to boost access to technical assistance, state, federal and private funding, and public contracting opportunities for minority-owned businesses in the state.
DECD is taking what it calls “a multi-pronged approach” that includes working with community organizations, media outlets, and other outreach efforts to raise awareness about the many programs and services offered by the state and its partners. DECD has partnered with HEDCO Inc. to launch a new a bilingual hotline — 1-844-257-9503 — that provides program and resource information in English and Spanish; create targeted marketing materials; and recruit volunteers to “champion” targeted regions together with department staff.
The program offers two loan and grant programs plus relationships with local and regional lending partners. Eligible minority businesses can take part The Small Business Express Program. It provides access to capital for small businesses, including up to $300,000 loans and up to a $100,000 matching grant.
The Manufacturing Assistance Act provides incentive-driven direct loans for projects when there is a strong economic development potential. Financial assistance begins at $500,000 and goes up from there.
