Updates Regarding the American Rescue Plan, Appropriations, and Some Recent Funding Opportunities
APPROPRIATIONS:
In addition to the present work on the American Rescue plan, the appropriations committee will be meeting and holding hearings as it undertakes its process.
Please note that all appropriations request must be submitted through the web portal:https://katherineclark.house.gov/appropriations-request by March 24th.
AMERICAN RESCUE PLAN
The American Rescue Plan is the most comprehensive COVID-19 relief package to date and will be the first emergency funding legislation passed during the Biden administration.
Appropriations Committee Reconciliation Summary
Funding Opportunity Description:
The Minority Business Development Agency (MBDA), a bureau of the U.S. Department of Commerce, will provide Federal assistance to support innovative projects that promote and seek to ensure the growth and resolve the challenges faced by minority business enterprises. The MBDA Business Center's primary drivers are business development and capacity building (see additional details on pages 4-5 of NOFO).
A total of $14.3 million will be available to fund the financial assistance awards under this announcement utilizing FY2021 appropriated funds. The FY21 funding will range between $375,000 - $415,000 (see chart below or pages 3-4 of NOFO).
EDA Now Accepting Applications for Build to Scale Program:
EDA is accepting applications for the Build to Scale program, a $38 million funding opportunity that fuels tech-based economic development in regional economies.
The Notice of Funding Opportunity (NOFO) was published today. Deadline is April 29, 2021.
The FY21 Build to Scale program is comprised of two competitions –– the Venture Challenge and the Capital Challenge. The Venture Challenge seeks to support high-growth entrepreneurship, accelerate company growth in the applicant’s region, and scale proven entrepreneurship support models. The Capital Challenge increases access to capital in communities where risk capital is in short supply by providing operational support for early-stage investment funds, angel capital networks, or investor training programs.
Eligibility is open to cities, counties, states, other political subdivisions of states, and Indian tribes; or entities supported by a state or political subdivision of a state that is one of the following: a nonprofit institution of higher education, public-private partnership, research park, federal lab, venture development organization, an economic development organization, or a consortium of the aforementioned.
The Venture Challenge grants have two funding levels – up to $750,000 to build programs and up to $1.5 million to scale programs. The Capital Challenge offers grants up to $400,000.
EDA’s Office of Innovation and Entrepreneurship administers the Build to Scale program, which is authorized under Section 27 of the Stevenson-Wydler Technology Act.
Minority Business Development Agency (MBDA) Notice of Federal Funding
Wade Blackman
District Director for Policy
Office of Congresswoman Clark
617-354-0292
