Capital Region Minority Supplier Development Council Receives $3 Million for Capital Readiness Program Grant

SILVER SPRING, Md., Aug. 9, 2023 /PRNewswire/ — The Capital Region Minority Supplier Development Council (CRMSDC) announces its selection as a grant recipient in the highly competitive Capital Readiness Program (CRP) awards. Vice President Kamala Harris revealed the 43 winners out of 1,000 submissions for the $125 million American Rescue Plan-funded CRP on Friday, August 4.

The Capital Readiness Program (CRP), a groundbreaking initiative under the American Rescue Plan, is dedicated to empowering small businesses through targeted support, resources, and training. It aims to foster entrepreneurship, create jobs, and enhance economic resilience in high-growth industries.

Administered by the US Department of Commerce’s Minority Business Development Agency, the CRP is a landmark initiative in the agency’s 50-year history, fundamentally transforming the landscape of small business support and empowerment. Representing the largest direct Federal investment in small business incubators and accelerators sets the stage for profound and lasting growth.

Sharon R. Pinder, President, and CEO of CRMSDC, expressed gratitude for the grant award, affirming, “The CRMSDC Ingenuity Consortium (CIC) will operate as an ecosystem of incubators and accelerators, fostering capacity building, technical assistance, and access to capital programming for Socially and Economically Disadvantaged Individuals (SEDI) across the DMV region.” Pinder also announced that Sonya Bigelow-Smith has been named the Director for the CIC.

Our strategic partnerships enable us to provide training and education, empowering financially savvy, procurement-ready, and competitively viable SEDI companies. They include the region’s HBCUs, MSIs, chambers, capital access partners, banks, CDFIs, SSBCI funders, incubators, and accelerators.

Stanley Tucker, President, and CEO of Meridian Management Capital Group emphasized the importance of the partnership: “We understand the ongoing challenges faced by business owners in accessing affordable financial assistance. Serving as a strategic partner of CRMSDC’s CIC to equip our socially and economically disadvantaged businesses with the education and tools they need is of utmost importance to us.”

Mary Kane, President, and CEO of the Maryland Chamber of Commerce, shared similar sentiments: “We are excited to partner with CRMSDC on the Capital Readiness Grant. Equipping our small businesses with the necessary resources and support is central to their ability to thrive, create jobs, and impact local communities.”

About the Capital Region Minority Supplier Development Council (CRMSDC)
CRMSDC is recognized as one of the Largest Business Advocacy Groups in the Greater Washington, DC, region by the Washington Business Journal. CRMSDC plays a vital role in promoting and advancing minority-owned businesses in the capital region. With a strong emphasis on empowerment and economic growth, CRMSDC drives diversity and inclusivity within the business community.

CRMSDC also operates the Virginia Minority Business Development Center Located at the Mason Enterprise Center in Fairfax, Virginia. Tommy Marks, VP and COO of CRMSDC and Director of the Business Center, leads the center helping MBEs gain greater access to contracts, markets, and capital.

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SOURCE The Capital Region Minority Supplier Development Council