Minority Business Development

Program Goal:

The goal of the Minority Business Development (MBD) Program is to support new and expanding minority-owned businesses (MOB) in the state of Wisconsin.

This program primarily supports the following WEDC Strategic Pillar and Focus Area:

Community and Economic Opportunity: Minority Business Development

Program Description:

The program is designed to support minority business development through business creation, expansion and attraction. This is accomplished through direct grant assistance to qualifying minority business associations in Wisconsin.

In turn, these investments are intended to promote job creation and retention in minority and underserved communities. The MBD Program is devised to have a catalytic effect to grow the business climate of minority communities as well as enhancing the overall business health minority and underserved communities in Wisconsin.

Eligibility Requirements:

Eligible grant applicants are not-for-profit, minority business associations that provide business training and technical assistance and/or serve the minority and underserved business community. The recipient must demonstrate professional capacity, financial stability and viability, and, if applicable, a demonstrated need.

Qualified Uses

Grants must be used by minority business associations to provide business planning consulting, offer financial assistance to clients, and promote diversity resources.

Incentives and Available Funding (FY18): Not Applicable

This program is not initially being funded in FY18.

Activities and Expected Outcomes: Not Applicable

Performance Reporting:

Recipients will be required to submit periodic reports on training activity and technical assistance provided, as well as any other contract deliverable.

WEDC may impose additional reporting requirements to evaluate project performance and to ensure compliance with contract deliverables.

Application and Awards Process:

Applicants for a Minority Business Development Grant should complete an application through a regional economic development director. The application will be assigned to an underwriter and go through the award review process.

For more information on application review, internal process and award distribution, please refer to WEDC’s award administration policies and procedures.