The FAMU Small Business Development Center (FSBDC at FAMU) has received a $3 million grant from the U.S. Department of Commerce’s Minority Business Development Agency’s (MBDA) Capital Readiness Program (CRP) to promote small and minority owned businesses.
The grant, combined with $1 million in FAMU matching funds will be used to provide technical assistance to small business across 12 Big Bend Counties to help underserved entrepreneurs grow and scale their businesses.
“FAMU welcomes the opportunity to help empower entrepreneurs and stimulate economic development among underserved communities in North Florida,” said FAMU President Larry Robinson. “This initiative is consistent with our goal to drive innovation on campus, and economic development in local communities and across the state.”
The grant award was announced by Vice President Kamala Harris at a White House “Investing in America: Small Business” event on August 4.
“President Biden and I firmly believe that for America’s economy to be strong, America’s small businesses must be strong. I am proud to announce that we will invest an additional $125 million in small businesses across our country through a national network of small business incubators and accelerators,” said Harris.
FAMU will work with both small businesses interested in expansion and individuals seeking to start a new business, providing microloans, one-on-one coaching, workshops, bootcamps, and a six-month business development course.
FAMU expects to work with 100 participants in the first year of operation, growing that number each year. At the end of the four-year period, the hopes to will have enrolled an additional 1,000 entrepreneurs, generating 750 graduates, with a minimum of 700 businesses started or scaled.
“We are grateful for this opportunity to assist our community’s small businesses, entrepreneurs and startups in seeking and securing the necessary capital for business formation and expansion,” said FSBDC at FAMU Interim Director Aundra’ McGlockton. “The program partnership and collaboration plan will combine the strengths of our organizations to create new pathways to business success.”
The FAMU SBDC currently serves eight of the proposed counties, including Franklin, Gadsden, Jefferson, Liberty, Leon, Madison, Taylor, and Wakulla. Bay, Calhoun, Gulf, and Jackson are expansion counties and will be served by the UWF SBDC, as it already serves those counties.