DCEO funding opportunity for minority-owned businesses

Department of Commerce and Economic Opportunity’s Office of Minority Economic Empowerment has posted two Notification of Funding Opportunities (NOFO) for a total of $15 million to provide minority-owned businesses with resources to help create jobs, build capacity, increase revenues, and expand regionally. The announcement marks the first time the program has been funded.

$10 million in funding is open to minority-owned businesses located in underserved populations. Eligible applicants include minority- owned businesses using the federal definition of minority owned firms (at least 51% of the firm is directly and unconditionally owned by one or more members of a minority group), start-ups or established businesses requiring public infrastructure improvements. $5 million in funding is available for incubators who serve or would like to serve minority-owned businesses.

The Department of Commerce and Economic Opportunity will offer informational workshops across the state for businesses and incubators seeking additional details about the grants. Business owners and incubators interested in applying can do so here or call the FIRST STOP Business Information Center helpline at 1.800.252.2923. The deadline to submit applications is 5pm CST on June 30, 2019.