MDEAT offers $2500 grant to small businesses
Written by Chelsie Lane
The impact of COVID-19 was sudden and caused serious economic loss for minority businesses and entrepreneurs. A survey conducted by racial equality groups Color of Change and UnidosUS found 45% of Black and Latino small business owners say they foresee their business closing within six months.
To mitigate that loss, MDEAT jumped into action and relaunched its Small Business Capitalization Grant Program, now closed, worth $2,500 with no expected payback. The only stipulation for the grant was for the business to be in a Targeted Urban Area Corridor.
MDEAT announced the grant application by hosting an informational webinar with guests, including BAC Funding, the Black Business Investment Fund, Miami Bayside Foundation, Partners for Self Employment, and the Miami-Dade County Public Library System. MDEAT, along with participating organizations, shared information about available resources and funding for Black businesses in addition to providing tips on how Black businesses can navigate the uncertainty of COVID-19. More than 300 individuals logged into the webinar. Although the grant application has since closed, ongoing funding is still available through the participating organizations.
Historically Black businesses have been overlooked and underinvested even before the pandemic. Miami-Dade County recognizes 17 underserved communities as areas needing economic assistance. They work to establish healthy and safer TUA communities through educational opportunities and support of small businesses. MDEAT has taken on the injustice to become a catalyst for economic vitality for Black entrepreneurs within these TUAs.
The Economic Development Action Committee (EDAC) created by MDEAT also advocates for land to be developed in TUAs. Their mission is to strengthen the community and build Black-owned businesses and providing technical resources and encouraging wealth-building activities. EDAC provides a platform for Black neighborhoods and surrounding communities to address issues such as unemployment, entrepreneurial blockades, workforce training, and volunteer opportunities.
To change the community, you must be a part of its development. The EDAC meets monthly. Click this link to see all upcoming meeting dates and times posted on MDEAT.