Bipartisan Senate proposal would grant $50 million to minority businesses
Source: The Hill
BY RAFAEL BERNAL - 04/14/21 10:34 AM EDT
A bipartisan group of senators introduced a bill Wednesday to grant minority entrepreneurs $50 million to establish and grow their businesses.
The bill, introduced by Sens. Jacky Rosen (D-Nev.) and Thom Tillis (R-N.C.), would channel funds for the grants through the Small Business Administration (SBA) to projects managed by Minority Serving Institutions.
Minority Serving Institutions (MSI) include colleges and universities that serve a majority or a plurality of Black, Hispanic, Asian, or Native American communities.
A report by the Federal Reserve Bank of New York found that minority-owned small businesses were especially hard hit by the economic effects of the pandemic, as entrepreneurs over the age of 45 who lost their businesses in 2020.
Read more: https://thehill.com/latino/548161-bipartisan-senate-proposal-would-grant-50-million-to-minority-businesses