Amid inflation and recession anxieties, Miami-Dade Economic Advocacy Trust (MDEAT) is disseminating $10,000 grants to 25 successful business owners of registered for-profit or not-for-profit enterprises operating in Miami-Dade County.
MDEAT, an agency committed to ensuring Black residents participate in Miami-Dade County’s economic growth, is accepting applications for its Small Minority Black Business Capitalization Grant Program until Thursday, February 23.
Recipients may use the funds to invest in business equipment, marketing, technology, and other tools for business expansion. Applications can be submitted electronically and in person at MDEAT’s main offices at 601 NW 1st Court, Suite 2132, near downtown Miami. Program qualifications and applications are available online.
“Access to capital remains a critical issue for Black business owners. While other entities are cutting back, Miami-Dade Economic Advocacy Trust seized an opportunity to increase its investment in Black-owned and led enterprises,” said William “Bill” Diggs, MDEAT’s executive director. “Black- and minority-owned enterprises remain some of the nation’s high-growth firms despite contending with unique challenges and systemic barriers. MDEAT’s business grant program aims to infuse capital to help break barriers to economic prosperity.”
The agency increased the grant to $10,000 over the past two years
MDEAT’s latest developments reflect the organization’s aggressive implementation of its strategic plan to help decrease social-economic disparities in the county’s targeted urban areas. MDEAT’s Small Business Capitalization Grant program issued 16 grants for $2,500 two years ago for a total of $40,000. Last year, the agency distributed 16 grants for $5,000 for a total of $80,000. This year, the agency increased grants to $10,000 and expanded recipients to 25, representing a $250,000 investment. Over the past two years, these commitments represent a nearly 44 percent increase in grant recipients, a 120 percent growth in grant amount, and a six-fold increase in the total grant investment.
“MDEAT’s business grant program allows us to invest in revitalizing the county’s target urban areas,” said Robert Parson, MDEAT economic development manager. “We aim to help businesses scale their operations and grow their ability to hire employees and serve our community.”
For more information about MDEAT’s Small Minority Black Business Capitalization Grant Program, please contact Robert Parson, Economic Development Manager, at (305) 375-5610 or Robert.Parson2@miamidade.gov. Explore MDEAT’s website at www.miamidade.gov/EconomicAdvocacyTrust
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